At its December 5, 2019, meeting, the FASB’s Financial Accounting Standards Advisory
Council (FASAC) discussed (1) the Board’s disclosure framework project and (2) the
impact of technology on current and potential future financial reporting.
The FASAC discussed (1) potentially adding a principle to the FASB’s interim
reporting requirements and (2) whether removing or adding interim disclosure
requirements would improve financial reporting.
Impact of Technology
The FASAC discussed the effects of technology on financial reporting, including how
“[H]as changed or likely will change companies’ preparation of financial
statements or the use/consumption of financial statements by investors and other
“[S]hould be considered by the FASB” (e.g., “how technology could impact certain
standard-setting topics, including the Board’s analysis of the expected costs
and expected benefits”).
For more information, see the meeting recap on the FASB’s Web site.