Answer
When a topic is viewed as suitable for thought by the FASB, strides in the process prompting the issuance of a Statement of Financial Accounting Standards include:
• The FASB Technical Staff executes analysis and research.
• A discussion forum memorandum is drafted and discharged for comments.
• Written remarks are submitted and an open hearing which is held around 60 days after the reminder is discharged.
• The Board examines and assesses general public response.
• The Board deliberates on the issues and readies a presentation draft which is discharged for public comment.
• After a 30-day (least) exposure period and conceivable open hearings from public response, the Board revises all remarks got.
• A board of trustees examines the introduction draft in connection to people in general reactions, reexamines its position, and updates the draft if necessary.
Work Step by Step
After the steps above the Board then gives the amended draft final considerations and votes on the issuance of a Standards Statement.
