The Financial Accounting Foundation is seeking people who would like to participate in a post-implementation review survey of how well its business combinations standard has worked.

Survey participants would help evaluate FASB Statement No. 141R, “Business Combinations.” The survey will help the FAF evaluate the effectiveness of the accounting standard by hearing from users, preparers, auditors, academics, and regulators that are affected by it. Statement 141R requires an acquiring organization to recognize the assets acquired, the liabilities assumed, and any non-controlling interest in the acquired organization to be measured at their acquisition date fair values.

The FAF has begun conducting post-implementation reviews of some of its older accounting standards, most recently of FIN 48, “Accounting for Uncertainty in Tax Positions” (see Accounting Standard for Uncertain Income Tax Positions Needs Tweaking)

Stakeholders who would like to be considered to participate in PIR surveys conducted by an independent survey firm on behalf of the FAF should register online. Stakeholders that have specific questions on the PIR of FASB Statement No. 141R, Business Combinations can contact the FAF at

The process is intended to assist the FAF’s board of trustees evaluate the effectiveness of the standard-setting process for both FASB and the Governmental Accounting Standards Board.

The PIR process is designed to be independent of the standard-setting process of both FASB and GASB. The FAF review staff reports to the trustees and FAF president, but members are drawn from experienced FASB and GASB staff to promote a collaborative review process aimed at improving the standard-setting process. More information on the FAF’s PIR process can be found on the FAF website.

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