What should FASB work on next?

Published on August 12, 2016

FASB is asking for public comment on which financial accounting and reporting topics it should consider adding to its agenda.

The board issued an Invitation to Comment document that explains areas of concern that were identified in a recent survey of FASB’s advisory groups.

After completing major projects in recent years on standards such as revenue recognition, leases, and credit impairment, FASB is seeking input on other areas of accounting and financial reporting that need improvement.

The Invitation to Comment covers areas of concern identified in a recent survey of FASB’s advisory groups. The document discusses potential issues and possible solutions in the following areas: 

  • Intangible assets, including research and development.
  • Pensions and other post-retirement benefit plans.
  • Distinguishing liabilities from equity.
  • Reporting performance and cash flows, including income statement, segment reporting, other comprehensive income, and statement of cash flows.

FASB is seeking feedback on whether there is potential for significant improvement in each of these areas, the priority of addressing each issue, and the approach the board should take in addressing each issue.

In addition, the board is soliciting suggestions for other areas of financial reporting that are not listed in the Invitation to Comment that could be added to the agenda.

Comments can be submitted through Oct. 17 at FASB’s website.

(Source: AICPA – CPA Letter Daily – Journal of Accountancy – August 5, 2016)