Implementation and Application of New Accounting Standards Policy

This policy outlines procedures to ensure proper change management processes are used when new accounting standards have been issued and require implementation.

According to this policy, the director of financial reporting becomes aware of new accounting projects, standards, and policies via announcements on various financial standard websites, automatic receipt of new standards issued by the FASB as part of the subscription services to the FASB, and communications from industry associations. The director of financial reporting then reviews the information, and assigns the project, standard, or policy to appropriately experienced accountants to follow the project or lead in the implementation of the new standard or policy.