The Federal Accounting Standards Advisory Board (FASAB) has announced several changes regarding the Accounting Standards Implementation Committee (ASIC), which was previously known as the Accounting and Auditing Policy Committee (AAPC). These changes involve adjustments to the committee's name, structure, and governance. Updated documentation about these changes can be found on the FASAB website. For additional details, Monica R. Valentine serves as the point of contact.
Simple Explanation
The Federal Accounting Standards Advisory Board changed the name of a committee and how it works. Now, the committee will be called the Accounting Standards Implementation Committee instead of the Accounting and Auditing Policy Committee, but they didn't explain why or how these changes will help.