Chapter 5 FASB Operations b Understand the due process procedures. b Evaluate the operations of the FASB. b Be aware of the role of politics in standard.

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Chapter 5 FASB Operations b Understand the due process procedures. b Evaluate the operations of the FASB. b Be aware of the role of politics in standard setting.

FASB Operation Due Process Procedure b Due Process: Introduction b What is it? b Characterized as….? b Modeled after …? b Six steps: Ex. 5.2 & Updates FASB 2002 Process Effectiveness InitiativeFASB 2002 Process Effectiveness Initiative ConvergenceConvergence

Due Process: Evaluation b b What’s this sound like…..? b b déjà vu- address past concerns ?

Participating in Due Process b Many opportunities b Serious issue with… b Effectiveness varies Examples: bookExamples: book

Output of FASB b Statements of Financial Accounting Standards (SFAS) Not FASB’s! GAAPGAAP b Interpretations clarify, explain, elaborate on GAAPclarify, explain, elaborate on GAAP b Statements of Financial Accounting Concepts (SFAC): The CF b Technical Bulletins not passed through FASBnot passed through FASB subordinated GAAP: sharp focussubordinated GAAP: sharp focus

Evaluating the FASB b b Beresford’s “Big 8” Criticisms. Responded to the eight major general criticisms of FASB at request of FAF. b b What do the general criticisms reveal?

Evaluating FASB b b Slow Insubstance Debt defeasance b b Voting: What’s Generally Accepted? The yo-yo: (1973) 5/2, (1978) 4/3, (1990) 5/2, (2002) 4/3….. b b The Conceptual Framework-later

FASB Politics b 3 Levels b Effects of politics b Three national political experiences…..

National Political Experiences b #1: 1970s-now, A) Congress and B) Preparers b #2: 1970s, Oil & Gas b #3: 1990s-now, Stock Options

Conclusion: Politics Discussion b Consider the three national political experiences of the FASB. b Assess the FASB on each: how did they come out? b Assess overall: too much politics, about expected, or less than expected. b If too much, any suggestions for FASB to lessen politics? b What do examples show for the future?