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The FASB has established the following procedures for developing accounting standards.(In some projects, a Discussion Paper may be issued to obtain input at an early stage that is used to develop an Exposure Draft.)
The Board holds a public roundtable meeting on the Exposure Draft, if necessary.The Board issues an Exposure Draft.The Board receives requests/recommendations for possible projects and reconsideration of existing standards from various sources.The FASB Chairman decides whether to add a project to the technical agenda, subject to oversight by the Foundation's Board of Trustees and after appropriate consultation with FASB Members and others.


Original text

The FASB has established the following procedures for developing accounting standards. These procedures are used for major projects. Not all of the steps may be necessary for projects focused on narrower application and implementation issues. Many other steps are followed during the course of the project that are not specifically required by the Board’s Rules of Procedures.
The Board receives requests/recommendations for possible projects and reconsideration of existing standards from various sources.
The FASB Chairman decides whether to add a project to the technical agenda, subject to oversight by the Foundation's Board of Trustees and after appropriate consultation with FASB Members and others.
The Board deliberates at one or more public meetings the various issues identified and analyzed by the staff.
The Board issues an Exposure Draft. (In some projects, a Discussion Paper may be issued to obtain input at an early stage that is used to develop an Exposure Draft.)
The Board holds a public roundtable meeting on the Exposure Draft, if necessary.
The staff analyzes comment letters, public roundtable discussion, and any other information. The Board redeliberates the proposed provisions at public meetings.
The Board issues an Accounting Standards Update describing amendments to the Accounting Standards Codification


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