Post-Implementation Review

What is the Post-Implementation Review (PIR) process?

The PIR process was initiated by the Financial Accounting Foundation’s (FAF) Board of Trustees in 2010 as part of the FAF’s oversight responsibilities for its two standard-setting bodies—the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The PIR process assists the Trustees with their ongoing efforts to evaluate the effectiveness of the standard-setting process for both the FASB and the GASB.  In May 2020, the FAF Trustees decided to embed the PIR process in the standard-setting processes of the FASB and the GASB.
 

Completed FAF PIR Projects

More information on FASB and GASB standards that were reviewed by the FAF’s Post-Implementation Review team can be found here.

 

The FAF's PIR Process and Procedures 2010-2017

A document describing the FAF’s PIR process and procedures used in 2017 can be accessed here. Prior versions of the PIR Process description document can be found here.
 

PIR changes approved 2020

The Board of Trustees of the Financial Accounting Foundation (FAF) has adopted improvements to the Post-Implementation Review (PIR) process for new accounting standards created by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).  The FAF is the organization that appoints and oversees both Boards.
 
Under the improved approach, leadership of future PIR projects will transition from the FAF staff (supported by the Boards) to the Boards themselves, with continued strong oversight by the FAF Board of Trustees. With this approach, the PIR process will now be embedded in the Boards’ overall standard-setting process. As such, field data gathered as part of the FASB and GASB’s existing extensive post-issuance and post-implementation activities with stakeholders will be integrated directly into the PIR. The FASB and the GASB will report on the progress of PIR projects during their public meetings and will report regularly to the Standard-Setting Process Oversight Committee (SSPOC) of the FAF Board of Trustees. The final PIR report will be reviewed by the SSPOC and published on the FAF website.

Information on the FASB’s PIR process can be found here.

Information on the GASB’s PIR process can be found here.
 
Background on the FAF’s PIR process and the FAF Trustees’ May 2020 decision to embed the PIR process in the standard-setting processes of the FASB and the GASB can be found here.
 

For More Information Contact Us

Kim Petrone
FAF Chief of Staff
krpetrone@f-a-f.org