FASB Discusses Agenda Consultation and Reference Rate Reform Implementation

Agenda consultation — The Board discussed feedback received from stakeholders on its June 2021 Invitation to Comment Agenda Consultation. The feedback was requested to help the FASB identify “standard-setting projects that fulfill its primary mission of improving financial accounting and reporting standards and addressing topics that are of the highest priority to its stakeholders.” In response to the feedback received, FASB Chair Richard Jones announced significant changes to the FASB research agenda. For more information, see the press release on the FASB’s Web site.

Reference rate reform implementation — The FASB staff provided an update on the reference rate reform — fair value hedging project. The Board made no decisions and directed its staff to conduct further outreach and research.

The Board decided to add a project to its technical agenda on deferral of the sunset date of ASC 848, Reference Rate Reform, and directed its staff to draft a proposed ASU for a vote by written ballot.