Friday, May 12. 2023
FAF Trustees Improve Stakeholder Feedback Procedures and Disclosure Requirements for Standard-Setting Boards
When contacting the Committee, stakeholders will be required to provide reasonable specificity concerning an alleged failure by either FASB or GASB to follow due process on an authoritative standard-setting project. The correspondence should preferably reference the specific provisions of the By-Laws that allegedly have been violated. Should the allegations raise significant due process issues, the Committee will investigate further. If the Committee determines the FASB or the GASB did not appropriately follow their due process, the Trustees will determine necessary actions based on the circumstances. Correspondence may be anonymous, but Committee members will not be able to direct any follow-up questions to those who submit anonymously.
For more information on Stakeholder Feedback Procedures and Transparency for Standard-Setting Boards, and to access the new correspondence forms, stakeholders and the public may visit the FAF website.
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