Documents for Comment
The following documents are open for comment. A document will remain on this list until the Board issues (1) a final Statement of Federal Financial Accounting Standards or other pronouncement or (2) a revised request for comment that replaces the original one.
FASAB uses the following types of documents to request feedback from interested persons regarding plans and proposals:
Annual Report and Three-Year Plan
To ensure standards-setting resources are devoted to the most important matters, the annual report and three-year plan details the Board’s progress and plans for the future. The Board solicits input regarding future plans each year beginning in late November.
Exposure Draft (ED)
The most common type of document used to request feedback, an ED communicates the Board’s tentative decisions on the issue under consideration. Unlike the other documents, an ED must be released for comment before a final Statement of Federal Financial Accounting Standards or other pronouncement can be issued.
Invitation to Comment (ITC)
An ITC document presents issues that might be addressed by the Board in the future or alternative solutions to issues currently under consideration. Generally, an ITC document presents issues and solutions without expressing a Board preference.
Preliminary Views (PV)
A PV document presents the Board’s preliminary solution, although alternative solutions may be presented. For example, the Board issued a PV document on accounting for social insurance to communicate the primary and alternative views of members and to solicit feedback before developing an ED.
Discussion Memorandum (DM)
The least common type of document used by FASAB to request feedback is a DM, which identifies issues, presents research findings, summarizes relevant literature, presents alternative solutions, and requests comments.