The FASB accomplishes its mission through a comprehensive and independent process that encourages broad participation, objectively considers all stakeholder views, and is subject to oversight by the Financial Accounting Foundation’s Board of Trustees.
The Rules of Procedure describe the FASB’s operating procedures, including the due process activities that are to be open to public participation or observation to provide transparency into the standards-setting process. In particular, the Rules of Procedure describe:
The organization in which the FASB operates
The FASB mission, how the mission is accomplished, and related principles that guide the Board’s standards-setting activities
The operating procedures of the FASB, including the responsibilities of the Chairman, the composition of the FASB technical staff, the role of advisory groups, the Emerging Issues Task Force, and public forums in our due process
Our various forms of communications, including the form and content of Accounting Standards Updates, Exposure Drafts, and Concepts Statements
Protocols for meetings of the FASB and voting requirements
Rules governing public announcements and the kinds of information made broadly available to the public.