What is the preliminary views (PV) document?

The preliminary views (PV) document serves as an initial proposal for an accounting and reporting standard. This document is typically released by standard-setting bodies as part of the process of developing new or updated accounting standards. It outlines the key concepts and issues that will be considered, allowing stakeholders to provide input and feedback early in the standard-setting process. This feedback is crucial for refining the proposed standard before it moves toward a more developed exposure draft stage, where the details are further fleshed out and vetted.

Understanding the preliminary views document is essential because it represents the beginning of a collaborative dialogue between the standard-setting body and the public, which includes practitioners, academics, and other stakeholders. This step ensures that the perspectives of various interested parties are considered in the development of accounting standards, contributing to a more comprehensive and effective final product.