A draft document issued for public comment and discussion before the final release of a financial reporting standard by a regulatory or standard-setting body like the Financial Reporting Council.
The Financial Accounting Foundation (FAF) in the USA oversees and provides funding for the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). It appoints members and supervises the standard-setting process to ensure the integrity and reliability of accounting principles.
