Exposure draft

An exposure draft is an early version of a document that has been released to the public for comments. Following a sufficient period of time for public comments to be received and further consideration by the originator of the document, a final version is released. The exposure draft concept is most commonly associated with proposed standards of the Financial Accounting Standards Board (FASB). The FASB uses exposure drafts to ensure that the public has time to consider all possible consequences of a proposed change in the accounting standards. Those responding to a FASB exposure draft are usually practicing accountants who are directly impacted by the proposed change. The FASB frequently alters its exposure drafts based on these comments.

Related Courses

GAAP Guidebook 
IFRS Guidebook