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 the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out