FASB New Standards Announcement
An important part of the FASB’s mission of developing high-quality standards is monitoring implementation. One way we are assisting stakeholders in their understanding and ability to consistently apply new standards is by offering more educational resources.
For example, earlier today, the FASB launched a new webpage, Implementing New Standards, that addresses why and when the FASB positions organizations for a successful and smooth transition to new standards.
The webpage focuses on how the FASB:
- Conducts outreach with stakeholders
- Establishes and operates transition resource groups, and
- Offers a technical inquiry service for implementation questions.
The webpage also acts as a “one-stop-shop” for educational materials and implementation guidance for FASB’s major standards—including hedging, which we issued a few weeks ago.
Concurrent with the webpage, we also produced a short video that provides a brief overview of how the FASB conducts its implementation assistance efforts.
The FASB is committed to continuing our dialogue with stakeholders throughout the entire process and ensure a successful transition. We stand ready to address your questions and concerns about implementing our standards—both before and after they are issued.