a draft of a proposed Statement or Interpretation for an FASB technical project that proposes standards of financial accounting and reporting, an effective date of application, and a method of transition
a preliminary draft of a new IFRS
is a proposed statement of financial accounting standards issued by the FASB for public comment. The exposure draft represents the FASB's considered judgment on a specific accounting issue. Subject to comments received and possible additional deliberation, an exposure draft may become a Statement of Position (SOP), mandating a Financial Accounting Standard (FAS).