FASB published an Invitation to Comment (ITC) seeking stakeholder feedback on what the board’s future standard-setting priorities should be.
The ITC summarizes stakeholder input received during the initial agenda consultation outreach, which generally fell within the following types of projects:
- Requiring greater disaggregation of financial reporting information to provide investors with better, more useful information that will directly influence their decisions and behaviors;
- Addressing emerging transactions to reduce diversity in practice and retain the relevancy of the FASB Accounting Standards Codification;
- Reevaluating specific areas of existing GAAP to reduce unnecessary complexity; and
- Enhancing certain FASB standard-setting processes.
Stakeholders are asked to provide feedback by Sept. 22 on topics they think the board should address as top priorities. The ITC also requests that stakeholders provide comment on the prioritization of projects on FASB’s current technical agenda.
“Stakeholder input will play a pivotal role in helping the FASB identify areas where there’s a pervasive need to improve GAAP,” FASB Chair Richard R. Jones, CPA, said in a news release. “What we learn during the agenda consultation process will help us decide what issues we can successfully address with feasible solutions whose benefits are likely to justify the expected costs of change.”
— Jeff Drew (Jeff.Drew@aicpa-cima.com) is a JofA senior editor.