Question
Order the steps in the Financial Accounting StandardsBoard's standard-setting process from 1 to 7. 1 The Board issues an Exposure Draft (ED), which is intended
Order the steps in the Financial Accounting StandardsBoard's standard-setting process from 1 to 7.
1 The Board issues an Exposure Draft (ED), which is intended to solicit input.
2 After consultation with FASB members and others as appropriate, the FASB Chairperson
decides whether to add the issue to the technical agenda.
3 The FASB staff analyzes the comment letters received, public roundtable discussions, and any
other information. The Board then redeliberates the issue.
4 The Board may hold public roundtables to discuss the ED, if needed.
5 The Board issues an Accounting Standards Update (ASU), which is the final standard. It then
incorporates the ASU into the body of literature that makes up U.S. GAAP.
6 A financial reporting issue is identified either by requests of financial statement users or by some
other means.
7 The Board holds public meetings where it deliberates the various issues identified by the FASB staff.
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