Guidance Statement Process
Purpose
Guidance statements are developed to:
- Respond to questions that raise new and novel issues beyond the scope of the simple application of the Standards
- Provide additional interpretation and clarification
- Incorporate all of the applicable existing interpretations published on a subject
- Consolidate all applicable information
The Public
Comment Period
1. Proposed provisions and guidance statements are made available for public comment on this site for a 60-to 90-day period (depending on the complexity of the statement)
2. The subcommittee reviews the comments and modifies the proposal as needed
3. The subcommittee presents the proposal to the EC for formal approval
Approval and
Publishing
Approved provisions and guidance statements are then
published on this site, incorporating effective dates for a point in time
after which firms must adhere to the new guidance.