The FASB published a Invitation to comment (ITC) seeking feedback from stakeholders on what the council’s future standardization priorities should be.
ITC summarizes the stakeholder feedback received during the initial agenda consultation, which generally fell under the following types of projects:
- Demand greater disaggregation of financial information to provide investors with better and more useful information that will directly influence their decisions and behaviors;
- Address emerging transactions to reduce diversity in practice and maintain the relevance of the codification of FASB accounting standards;
- Re-evaluate specific areas of existing GAAP to reduce unnecessary complexity; and
- Improve some FASB standardization processes.
Stakeholders are invited to provide comments by September 22 on topics they think the board should address as a priority. ITC is also asking stakeholders to provide feedback on the prioritization of projects in the current FASB technical program.
“Stakeholder feedback will play a central role in helping the FASB identify areas where there is a pervasive need for improved GAAP,” said FASB Chairman Richard R. Jones, CPA, in a statement. hurry. “What we learn during the agenda consultation process will help us decide which problems we can successfully solve with workable solutions whose benefits are likely to justify the expected costs of change.”
– Jeff drew ([email protected]) is a JofA senior editor.