SEC Chief Accountant Releases Statement on Enhancing the FASB’s Standard-Setting Process

SEC Chief Accountant Paul Munter has released a statement on the importance of high-quality standard setting in a rapidly evolving business environment. While noting that “there are continued opportunities for improvement to the standard-setting process,” Mr. Munter also emphasized the recent progress the FASB has made with reprioritizing many of the projects on its agenda to meet the needs of investors in a timely manner. These projects include disaggregation of income statement expenses, accounting for and disclosure of crypto assets, improvements to income tax disclosures, and segment reporting.