Financial Accounting Foundation issues annual report

The Financial Accounting Foundation (FAF) annual report details its activities throughout 2024, highlighting how FASB and GASB engage with stakeholder groups to create and improve GAAP. The report includes an update to FAF’s 2022 strategic plan and includes perspectives from FAF leadership.

In addition:

• The FAF board of trustees is seeking nominations through May 29 for new members of the Private Company Council.

• GASB staff recently completed a study on the utilization of GAAP by state and local governments. The study identifies and categorizes state-imposed financial reporting requirements for state, county, municipal, and special-district governments and includes a statistical model of the determinants of GAAP choice in the absence of a state requirement to utilize GAAP.

• GASB is seeking public comment through June 30 on preliminary views on a project about disclosures regarding going concern uncertainties and severe financial stress.

• FASB released an educational paper that addresses questions about how to apply revenue recognition guidance about presentation and disclosures to construction contracts that contain retainage (or retention) provisions.

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