Norwalk, CT, January 29, 2014
—The Financial Accounting Standards Board (FASB) today voted to reorganize its agenda to focus more closely on the issues most important to FASB stakeholders. The Board also discussed several research projects as part of its prioritization initiative.

"As our work on joint projects with the International Accounting Standards Board (IASB) comes to completion over the next year, the Board will focus on improving U.S. GAAP for our stakeholders here and abroad," stated FASB Chairman Russ Golden. "Today´s agenda decisions will allow us to direct our resources to financial reporting issues our stakeholders believe are the most important."

During today´s meeting, the Board considered changes both to its own agenda and that of the Emerging Issues Task Force (EITF).

The FASB voted to add to its technical agenda a project to develop guidance for disclosure requirements related to government assistance. The Board also voted to remove the following projects from the FASB agenda: The Board voted to remove the following projects from the EITF agenda: Additionally, the Chairman decided in consultation with the other Board members that the FASB would perform research on the following projects: It also was decided that the PCC should consider doing pre-agenda work on phase two of the "Definition of a Nonpublic Entity" project.

When reorganizing its agenda, the FASB was guided by results from a survey completed last year by more than 100 members of FASB advisory groups and other stakeholders. The group included representatives of preparers, investors and other financial statement users, auditors, academics, and industry organizations.

About the Financial Accounting Standards Board

Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at http://www.fasb.org/.