At its March 29, 2019, meeting, the FASB’s Financial Accounting Standards Advisory Council (FASAC) discussed the (1) conceptual framework, (2) accounting for highly inflationary economies, and (3) implementation of major standards.
The FASAC discussed the role of the conceptual framework and noted that the framework is “most useful as a foundation for the Board in standard setting and as a communication tool.”
Accounting for Highly Inflationary Economies
FASAC members discussed potential improvements to the accounting for highly inflationary economies but suggested that a potential project related to this topic should be a lower priority on the FASB’s agenda.
Implementation of Major Standards
FASAC members praised the FASB’s efforts to provide implementation guidance and suggested that use of transition resource groups should be expanded to address all future major standards.
For more information, see the meeting recap on the FASB’s Web site.