Current Post-Implementation Review Projects

Standards Currently Under Review

Below are FASB and GASB standards currently under review by the FAF’s Post-Implementation Review team:

FASB Statement 160, Noncontrolling Interests in Consolidated Financial Statements
Statement 160 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. It clarifies that a noncontrolling interest in a subsidiary is an ownership interest in the consolidated entity that should be reported as equity in the consolidated financial statements.

Update and Next steps: The FAF PIR team will begin their initial research, including talking with a variety of stakeholders (resource group members), in September 2014. The PIR team will consider whether additional procedures are needed after completing that outreach.

As mentioned at the August 19, 2014 FAF Board of Trustees meeting, going forward the FAF PIR team will review one FASB standard at a time (they had been reviewing two FASB standards concurrently).


The PIR team plans to begin their review of the following GASB standard in the first half of 2015: