Due Process FASB relies on two basic premises: (1)Responsive to entire economic community (2)Operate in full view of the public Step 1 Topic placed on agenda Step 2 Research conducted and Discussion Memorandum issued. Step 3 Public hearing Financial Step 4 Board evaluates research,public response and Accounting Series issues Exposure Draft Statement of Financial Accounting Step 5 Board evaluates responses and issues final Standards No.115 Statement of Financial Accounting Standard Chapter 1-4 LO 6 Identify the major policy-setting bodies and their role in the standard-setting process.Chapter 1-4 (2) Operate in full view of the public Step 1 = Topic placed on agenda Step 2 = Research conducted and Discussion Memorandum issued. Step 3 = Public hearing Step 4 = Board evaluates research, public response and issues Exposure Draft Step 5 = Board evaluates responses and issues final Statement of Financial Accounting Standard