At its December 15, 2020, meeting, the FASB’s Financial Accounting Standards Advisory
Council (FASAC) discussed “complexity in financial reporting including different
expectations between the level of precision required in applying GAAP (for preparers
and practitioners) and the level of precision produced in the financial statements
(for investors and other financial statement users).” In addition, the FASAC
addressed topics related to accounting standards and financial statements in the
current environment, including (1) disclosures about COVID-19-related assistance;
(2) non-GAAP information related to COVID-19; (3) disclosures about current expected
credit losses; and (4) environmental, social, and corporate governance.
For more information, see the meeting recap on the FASB’s Web site.