Digital assets, intangibles among priorities on FASB’s new research agenda

By Ken Tysiac

Earlier this year, FASB asked for comments on what its agenda priorities should be.

In response to feedback received in the agenda consultation, FASB Chair Richard Jones on Wednesday announced comprehensive changes to the board's research agenda.

FASB's research agenda now will include the following projects, in no particular order:

  • Accounting for exchange-traded digital assets and commodities. Accounting and disclosure for a subset of these assets and commodities will be explored.
  • Accounting for and disclosure of intangibles. Potential improvements will be considered for items including accounting and disclosure of intangibles, including software costs, internally developed intangibles, and research and development.
  • Hedge accounting, phase two. Stakeholder feedback will be sought to further align hedge accounting with risk management activities beyond the targeted changes made in Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.
  • Accounting for financial instruments with environmental, social, and governance (ESG)-linked features and regulatory credits. ESG issues remain high on the list of investor priorities.
  • Accounting for governments grants, invitation to comment. Feedback will be sought on whether the requirements in IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, should be incorporated into US GAAP.
  • Agenda consultation. Feedback will be solicited on the financial reporting issues that FASB should consider adding to its agenda and the priority of those issues.

— To comment on this article or to suggest an idea for another article, contact Ken Tysiac at Kenneth.Tysiac@aicpa-cima.com.

Where to find June’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Better decision-making with data analytics

Data analytics has become a hot topic, but many organizations have not yet managed to understand its potential, let alone put it to work. This report will take a deep-dive on how to best introduce or enhance the use of data in decision-making.