Financial performance reporting among priorities as FASB sets agenda

By Ken Tysiac

FASB decided Wednesday to perform research on six topics for consideration of possible accounting standard setting, according to a news release from the board.

Four issues will be added to its research agenda and included in an agenda discussion paper that will be issued to the public in the first half of this year:

  • Financial performance reporting.
  • Pensions and other post-retirement employee benefit plans.
  • Intangible assets.
  • Distinguishing liabilities from equity.

The board also will place two additional projects on its research agenda on consolidations and on inventory and cost of sales.

FASB decided not to perform additional work on the topic of asset retirement obligations.

In a post on FASB’s website, FASB Chairman Russell Golden explained that a survey of FASB advisory group members revealed that preparers, users, and practitioners all thought financial performance reporting and pensions and other post-retirement benefits should be top priorities for FASB.

Liabilities with characteristics of equity was rated as a priority by preparers and practitioners, and users rated intangible assets as a priority.

The agenda discussion paper will give a full description of the top areas of concern identified in the survey results, present possible solutions, and request feedback.

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Will the Affordable Care Act be repealed?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.