FASB Discusses Agenda Consultation and Reference Rate Reform Implementation
FASB Discusses Projects on Agenda Consultation and Reference Rate Reform
December 17, 2021
At its December 15, 2021, meeting, the FASB discussed the following topics:
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.
For more information on the projects, see the meeting handout and summary of tentative decisions on the FASB’s Web site.