The Financial Accounting Standards Board (FASB), issued only six accounting standard updates in 2022, “much to the glee of the accounting profession,” Thomson Reuters' Accounting and Compliance Alert reported.

The number of new accounting standard updates (ASUs) that the FASB issued were fewer than the number it issued in each of the past few years: 10 in 2021, 11 in 2020, 12 in 2019  and 20 in 2018. All of these ASUs are available on the FASB's website.

The board issued 29 new standards in 2010, the most in the past two decades, the alert reported.

Accountants have for years complained that too many accounting standards were being issued by the FASB, the alert reported, adding that the standards issued in 2022 were narrow and mostly amendments to previously issued standards.

The board has 19 projects on its main technical agenda and eight on its research agenda.

Three other standards are currently under post-implementation-review (PIR).