Order the steps in the Financial Accounting Standards Board’s standard-setting process from 1 to 7.
______ The Board issues an Exposure Draft (ED), which is intended to solicit input.
______ After consultation with FASB members and others as appropriate, the FASB Chairperson decides whether to add the issue to the technical agenda.
______ The FASB staff analyzes the comment letters received, public roundtable discussions, and any other information. The Board then re-deliberates the issue.
______ The Board may hold public roundtables to discuss the ED, if needed.
______ The Board issues an Accounting Standards Update (ASU), which is the final standard. It then incorporates the ASU into the body of literature that makes up U. S. GAP.
______ A financial reporting issue is identified either by requests of financial statement users or by some other means.
______ The Board holds public meetings where it deliberates the various issues identified by the FASB staff.