At its March 7, 2023, meeting, the FASB’s Financial Accounting Standards Advisory
Council (FASAC) discussed its projects on emerging accounting issues and changes in
business practices related to (1) the statement of cash flows, (2) financial key
performance indicators, (3) inflation and various foreign currency exchange rates,
(4) supply chain financing arrangements, and (5) accounting for research and
development costs and advertising costs. In addition, the FASAC discussed the
Board’s research project on the definition of a derivative and the role of the
FASB’s Emerging Issues Task Force.
The next FASAC meeting is scheduled for June 6, 2023.