Answer
The "due process" framework includes:
(1) Identifying subjects and setting them on the Board's agenda.
(2) Analysis and research are executed and dialog update of advantages and disadvantages issued.
(3) An open hearing is regularly held.
(4) Board assesses research and open reactions and issues presentation draft.
(5) Board assesses reactions and changes introduction draft, if necessary. A final explanation is then issued.
Work Step by Step
1. The Board, based on recommendations/requests, identifies financial reporting problems from stakeholders or through other means.
2. The FASB chooses whether to add a task to the technical agenda dependent on a staff-arranged examination of the issues.
3. The Board presents the problem in at least one open gathering, detailing issues recognized and broke down by the staff.
4. The Board presents an Exposure Draft to request expansive partner input. (In a few ventures, the Board may issue a Discussion Paper to get contribution to the beginning periods of a task.) The Board holds an open roundtable gathering on the Exposure Draft, if important.
5. The staff dissects remark letters, open roundtable talk, and all other data got through fair treatment exercises. The Board redeliberates the proposed arrangements, cautiously considering the partner input received, at least on open gatherings. The Board issues an Accounting Standards Update depicting corrections to the Accounting Standards Codification.
