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FINANCIAL REPORTING

Survey issued to guide FASB’s future priorities

 

By Ken Tysiac
May 8, 2013

FASB’s primary advisory group issued a survey Wednesday to solicit stakeholder views about the board’s future agenda.

The Financial Accounting Standards Advisory Council (FASAC) advises FASB on priorities for the future and possible new agenda items. Responses to the survey are requested by May 30.

FASAC periodically surveys stakeholders to fulfill its mission. It is launching this survey to inform future priorities because several major FASB projects, including the one on revenue recognition, are scheduled to be completed in the coming months.

Respondents who complete the survey will be asked to share their opinions on project priorities. They will answer open-ended questions that will allow them to describe the areas that they believe are most worthy of FASB’s attention in the future.

FASB member Russell Golden, who is scheduled to replace Leslie Seidman as the board’s chairman on July 1, said recently that he is eager to see what stakeholders say in the survey as the board plots its course for the future.

“Following the results of that survey, I would want to consult with stakeholders, consult with senior staff, and consult with members of the board to develop the priorities following the completion of the MOU projects,” Golden said last month.

Ken Tysiac (ktysiac@aicpa.org) is a JofA senior editor.

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