A formal model is proposed that decomposes the Implicit Association Test (IAT) effect into three process components: stimuli discrimination, automatic association, and termination criterion. Both response accuracy and reaction time are considered. Four independent and parallel Poisson processes, one for each of the four label categories of the IAT, are assumed. The model parameters are the rate at which information accrues on the counter of each process and the amount of information that is needed before a response is given. The aim of this study is to present the model and an illustrative application in which the process components of a Coca-Pepsi IAT are decomposed.