FASB Wants to Know: What Should We Be Doing Next?

By:
Chris Gaetano
Published Date:
Jun 25, 2021
FASB-Logo

The Financial Accounting Standards Board (FASB) is asking stakeholders for input on its upcoming agenda priorities. The FASB is particularly interested in feedback pertaining to:

* Whether the financial reporting topics described in this Invitation to Comment (ITC) are areas for which there is potential for significant improvement.
* The priority and urgency of addressing each topic.
* Which potential solution(s) the FASB should consider in addressing each topic.
* Any potential solution, the expected costs and expected benefits, including:
a. For investors, how a potential solution would directly influence their decisions and behaviors; and
b. For preparers and practitioners, the feasibility of a potential solution.
* Whether there are other financial reporting topics beyond those described in this invitation to comment that the FASB should consider adding to its agenda and the priority and urgency of those topics.

“Stakeholder input will play a pivotal role in helping the FASB identify areas where there’s a pervasive need to improve GAAP,” said FASB Chair Richard R. Jones. “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.”

Stakeholders are asked to review and provide comments by Sept. 22, 2021.

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