2. It outlines a revision to a standard where GASB would
have to consult with the FAF Trustee & Setting Process
Oversight committee to determine if certain
information considered by GASB for standard setting
activities (financial accounting and reporting
information) are within the scope of the Board’s
standard setting mission.
3. The proposal will propagate separation of duties and
independence between GASB and FAF Trustee and
oversight committee.
A comprehensive consultation process and operation
procedure for scope and group will be arrived at
because of the due diligence and constructive
discussion by the FAF Trustee and GASB.
4. The standards on setting authority arrived at by GASB
will carry more weight since there is an input from an
oversight committee.
5. Longer lag-time to decide on a standard setting
process/consultation process since GASB will need to
consult with FAF Oversight Committee.
Too much interference with GASB’s standard –setting
process and independence.
6. It will be of best interest to stakeholders for the FAF
oversight committee to exercise their due diligence of
oversight and counsel to GASB thus avoid policy
making decisions.
