FASB ISSUES INVITATION TO COMMENT ON AGENDA
Norwalk, CT, August 4, 2016—The Financial
Accounting Standards Board (FASB) today issued an Invitation
to Comment to solicit feedback about potential financial accounting and
reporting topics that the FASB should consider adding to its agenda. This
Invitation to Comment is an important opportunity for stakeholders to help the
FASB set its agenda for the next several years.
The Invitation to Comment
covers financial reporting areas of concern identified by stakeholders in the
of the FASB's advisory groups. The document includes potential issues and
possible solutions about the following areas:
"Now that many of the FASB's major projects are complete, we are
considering other areas of financial reporting that stakeholders think we should
improve," said FASB Chair Russell G. Golden. "But to develop the right
solutions, we must first identify the right problems. And that means listening
carefully to our stakeholders' experiences, input, and concerns.
- Intangible assets, including research and development
- Pensions and other postretirement benefit plans
- Distinguishing liabilities from equity, and
- Reporting performance and cash flows, including income statement, segment
reporting, other comprehensive income, and statement of cash
Invitation to Comment gives our stakeholders the chance to identify potential
issues we should consider, as well as how best to prioritize them," Golden
Specifically, the FASB is requesting feedback on the following:
Stakeholders are asked to submit comments on the Invitation to
Comment by October 17, 2016. The FASB plans to hold public roundtable meetings
on the Invitation to Comment during the fourth quarter of 2016.
- Are the financial reporting issues described in this Invitation to Comment
areas for which there is potential for significant improvement?
- What is the priority of addressing each issue?
- What approach should the FASB take to address each issue?
- Are there other major areas of financial reporting not described in this
Invitation to Comment that the FASB should consider adding to its
Invitation to Comment is available at http://www.fasb.org/.
the Financial Accounting Standards Board
Established in 1973,
the FASB is the independent, private-sector, not-for-profit organization based
in Norwalk, Connecticut, that establishes financial accounting and reporting
standards for public and private companies and not-for-profit organizations that
follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized
by the Securities and Exchange Commission as the designated accounting standard
setter for public companies. FASB standards are recognized as authoritative by
many other organizations, including state Boards of Accountancy and the American
Institute of CPAs (AICPA). The FASB develops and issues financial accounting
standards through a transparent and inclusive process intended to promote
financial reporting that provides useful information to investors and others who
use financial reports. The Financial Accounting Foundation (FAF) supports and
oversees the FASB. For more information, visit http://www.fasb.org/.