The Financial Accounting Standards Board (FASB) on June 24 urged members to share their views on the group’s future agenda priorities and goals. The deadline for the feedback is September 22.
The feedback will help the FASB to apportion its resources to achieve its goal of improving financial accounting and reporting standards and addressing members’ high-priority issues, the FASB said in a statement. The board said it would consult the feedback when making any changes to its agenda.
“Since launching the agenda consultation process in late 2020, the FASB staff has spoken with more than 200 stakeholders who provided input on what topics they think the Board should address next,” FASB Technical Director Hillary H. Salo said. “We drew upon their diverse, thoughtful, and insightful feedback to develop our June 2021 Invitation to Comment, which gives all stakeholders the chance to share their views on priority topics and potential solutions for the Board’s consideration.”
The FASB said input received during the initial agenda consultation outreach mainly focused on a few topics, including greater disaggregation of financial reporting information to provide investors with better information impacting their behaviors.
Other key topics included emerging transactions to reduce diversity in practice and retain the relevancy of the FASB Accounting Standards Codification®, reevaluation of certain areas of existing Generally Accepted Accounting Principles (GAAP) to limit unnecessary complexity, and improvement of specific FASB standard-setting processes.
The FASB is an independent organization based in Norwalk, Connecticut. It sets financial accounting and reporting standards for public and private companies along with nonprofits that follow GAAP.
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