What should FASB work on next?

By Ken Tysiac

FASB is asking for public comment on which financial accounting and reporting topics it should consider adding to its agenda.

The board issued an Invitation to Comment document Thursday that explains areas of concern that were identified in a recent survey of FASB’s advisory groups.

After completing major projects in recent years on standards such as revenue recognition, leases, and credit impairment, FASB is seeking input on other areas of accounting and financial reporting that need improvement.

“To develop the right solutions, we must first identify the right problems,” FASB Chairman Russell Golden said in a news release. “And that means listening carefully to our stakeholders’ experiences, input, and concerns.”

The Invitation to Comment covers areas of concern identified in a recent survey of FASB’s advisory groups. The document discusses potential issues and possible solutions in 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.

FASB is seeking feedback on whether there is potential for significant improvement in each of these areas, the priority of addressing each issue, and the approach the board should take in addressing each issue.

In addition, the board is soliciting suggestions for other areas of financial reporting that are not listed in the Invitation to Comment that could be added to the agenda.

Comments can be submitted through Oct. 17 at FASB’s website.

Ken Tysiac (ktysiac@aicpa.org) is a JofA editorial director.

SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

QUIZ

News quiz: Scam email plagues tax professionals—again

Even as the IRS reported on success in reducing tax return identity theft in the 2016 season, the Service also warned tax professionals about yet another email phishing scam. See how much you know about recent news with this short quiz.