At its June 22, 2022, meeting, the FASB discussed its projects on the following topics:
Accounting for and disclosure of intangibles — software costs — The
Board decided to add a project to its technical agenda to (1) “modernize the
accounting for software costs” and (2) “enhance the transparency about an
entity’s software costs.” The project’s scope will include the “recognition,
measurement, presentation, and disclosure of costs to internally develop or
acquire software,” which are currently subject to the guidance in ASC 350-40
and ASC 985-20.
Accounting for and disclosure of intangibles — The Board discussed
preagenda research and made no technical decisions.
Leases — lease modifications — The Board decided to remove this
project from its technical agenda.
Disclosure of supplier finance program obligations — The Board
redeliberated its proposed Accounting Standards Update Liabilities —
Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier
Finance Program Obligations and made tentative decisions related to
the proposal’s scope, rollforward disclosures, interim reporting
requirements, early payments to suppliers, and aggregation. In addition, the
Board directed its staff to “identify and develop examples of key terms
(such as payment terms) for the disclosure requirement on the key terms of a
supplier finance program.”
Agenda consultation — The Board received the staff’s summary of
feedback on its June 2021 Invitation to Comment Agenda Consultation
related to process improvements.