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.