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:

GASB Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions
Statement 54 enhances the usefulness of fund balance information by providing clearer fund balance classifications that can be more consistently applied and by clarifying the existing governmental fund type definitions.

Update and Next Steps: The FAF PIR team completed their research and analysis in August 2016. The team is currently drafting their findings and plans to review those findings with the GASB and FAF Trustee’s Standard-Setting Process Oversight Committee in October 2016.

Next FASB Standard

The next PIR of a FASB standard will not be conducted for a few years, as the PIR team has completed all the reviews of significant FASB standards that have been effective for at least two to three years.