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FASB Seeks Input on Future Agenda Topics

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Aug 8th 2016
Staff Writer and Editor AccountingWEB
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The Financial Accounting Standards Board (FASB) wants to hear from you about which financial accounting and reporting topics it should consider adding to its agenda.

The board issued an Invitation to Comment on Aug. 4, which covers financial reporting areas of concern identified in a recent survey of the FASB’s advisory groups.

The document includes potential issues and possible solutions about the following areas:

  • Intangible assets, including research and development.
  • Pensions and other post-retirement benefit plans.
  • Distinguishing liabilities from equity.
  • Reporting performance and cash flows, including income statement, segment reporting, other comprehensive income, and statement of cash flows.

“Now that many of the FASB’s major projects are complete, we are considering other areas of financial reporting that stakeholders think we should improve. But to develop the right solutions, we must first identify the right problems. And that means listening carefully to our stakeholders’ experiences, input, and concerns,” FASB Chairman Russell Golden said in a written statement. “This Invitation to Comment gives our stakeholders the chance to identify potential issues we should consider, as well as how best to prioritize them.”

The FASB is specifically seeking feedback on the following questions:

  • Are the financial reporting issues described in this Invitation to Comment areas for which there is potential for significant improvement?
  • What is the priority of addressing each issue?
  • What approach should the FASB take to address each issue?
  • Are there other major areas of financial reporting not described in this Invitation to Comment that the FASB should consider adding to its agenda?

“The major financial reporting topics discussed in this Invitation to Comment will require deliberations on some vexatious issues, which will take time to address in a thoughtful manner,” the document states. “Even if the financial reporting topics discussed in this Invitation to Comment are added to the agenda immediately, it would take several years before they become effective. Consequently, the FASB will need to be thoughtful in identifying which financial reporting topics to add to its agenda. The FASB will consider its current agenda and the feedback collected through its agenda consultation to determine which projects it should address in its future agenda.”

Comments are due by Oct. 17. The document contains instructions on how you can submit comments to the FASB.

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