Wednesday, September 29, 2010

FASB To Release Discussion Doc. on MOU Completion/Implementation-'Significant Change To Financial Reporting System'

Chairing his final Financial Accounting Standards Board meeting on Sept. 29, 2010, Bob Herz noted in his opening remarks that FASB plans to release a Discussion Document in mid-October, seeking comment on various matters relating to implementation of the suite of remaining standards to be issued by FASB and the International Accounting Standards Board in accordance with the FASB-IASB Memorandum of Understanding.

Discussion Doc On MOU Standards Implementation Expected Mid-October
Herz referred to the Discussion Document as 'important,' noting that its purpose was to obtain "stakeholder feedback on the effective dates, transition methods, and other matters related to completion of the MOU projects."

"Once the MOU projects are completed," observed Herz, "the board recognizes those represent a significant amount of change in the financial reporting system." He noted that the boards are interested in "thoughtful feedback" on these issues.

Herz added, "My understanding is that the IASB will also be issuing a similar document to their constituents around the same time."

FASB Acts on EITF Consensuses
FASB agreed to ratify one final EITF consensus, and agreed to release three EITF consensuses for exposure (i.e. public comment). Further details on the board's discussion are in this FEI summary available to FEI members only; read about our new Associate Member category. Also watch for FASB's Summary of Board Decisions (which provides a factual summary) posted in FASB's News Center same-day or next day following FASB board meetings; the FEI summaries generally include additional 'color commentary' from the meeting.

"May You Continue To Make Informed And Wise Decisions"
In his closing remarks, Herz noted, "this is the last meeting I've had the honor of chairing this board," adding, "I don't use a gavel, but I am handing over a bell" to Leslie Seidman, named by the Financial Accounting Foundation (which oversees FASB) to serve as Acting Chairman beginning October 1.

"May you continue to make informed and wise decisions," Herz wished the board.

Seidman, speaking on behalf of the board members and staff, thanked Herz for his eight years of service at FASB, noting in particular how Herz "initiated a restructuring of the way GAAP is established in the U.S.," as well as overseeing the move to the Codification, and improved outreach to constituents.

With that, Herz rung his closing bell.

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