FASAC Holds Quarterly Meeting

The FASB’s Financial Accounting Standards Advisory Council (FASAC) held its quarterly meeting on December 5, 2024. Topics discussed included the following:

• FASB Emerging Issues Task Force (EITF) — The FASB gave an update on its newly reconstituted EITF. In addition to addressing the Task Force’s new operating procedures, FASAC members addressed such issues as the EITF’s current role, its decision-making process, and what types of issues it could potentially address.
• Financial key performance indicators for business entities — The FASAC shared its thoughts on the FASB’s invitation to comment Financial Key Performance Indicators for Business Entities. Among other observations, FASAC members noted that this topic should be one of the Board’s top priorities given its importance to financial statement users and investors.
• FASB’s postimplementation review (PIR) process — The discussion centered on the FASB’s recently issued PIR report on revenue as well as its continuing PIR projects related to current expected credit losses and leases.

For more information, see the meeting recap on the FASB’s Web site.