Briefly describe the operating procedure for Statements of Financial Accounting Standards.

Expert Solution

The process of considering a Statement of Financial Accounting Standards begins when the Board elects to add a topic to its technical agenda. The Board only considers topics that are "broken" for its technical agenda.

On projects with a broad impact, a Discussion Memorandum or an Invitation to Comment is issued. The Discussion Memorandum or Invitation to Comment is distributed as a basis for public comment. After considering the written comments and the public hearing comments, the Board resumes deliberations in one or more public Board meetings. The final Statement on Financial Accounting Standards must receive a majority affirmative vote of the Board.

Junaid answered 8 months ago

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