FASB Launches Post-Implementation Review Web Portal



The Financial Accounting Standards Board launched its new post-implementation review (PIR) web portal.

“The PIR web portal helps stakeholders navigate this important part of the FASB’s standard-setting process, which ensures completed standards perform up to expectations,” Richard R. Jones, chair of the FASB, said. “It’s an especially timely resource that coincides with our review of the effectiveness of recent major standards on credit losses, leases and revenue recognition.”

The PIR process is a quality control mechanism built into FASB’s standard-setting process that begins after a standard is issued. During the process, the FASB solicits and considers stakeholder input and other research to evaluate whether a standard is achieving its objective to provide financial statement users with relevant information in ways that justify the cost of providing it. This will allow the FASB to identify and address any areas for improvement arising from either adoption or implementation.

The PIR web portal links visitors to current projects and provides an overview of the actions taken to date as well as the plan for future activities. This overview will evolve as the FASB learns more while it conducts its reviews and completes its activities.

Depending on the outcome of the evaluation, the FASB may decide to take action to address one or more of the following:

  • Areas of the standard that are not understandable
  • Unintended consequences that were not foreseen during development of the standard
  • Unexpected costs (one time or ongoing) based on the actual results observed as compared with the expectations documented in the board’s basis for conclusion.

As with all standard-setting activities, actions resulting from a PIR are subject to the board’s normal due process.

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