The Monetary Accounting Requirements Board issued a report Wednesday summarizing the suggestions it acquired final 12 months on the tasks it ought to pursue sooner or later.
The 2021 FASB Agenda Session Report discusses how the suggestions it acquired from stakeholders influenced FASB’s technical and analysis agendas and standard-setting course of as of at this time.
FASB requested stakeholders final 12 months to share their views on the place they suppose it ought to focus its sources to greatest fulfill its mission, and the board has determined as a consequence so as to add tasks on digital property, environmental credit and software program prices to its technical agenda.
Different tasks have been added to the analysis agenda so FASB employees can conduct analysis on whether or not the board ought to add additional tasks to its technical agenda. The analysis agenda now consists of tasks on exchange-traded commodities; accounting for monetary devices with environmental, social, and governance (ESG)-linked options; hedge accounting and potential adjustments to the definition of a spinoff; accounting for presidency grants; consolidation for enterprise entities; monetary key efficiency indicators (KPIs) for enterprise entities; and the assertion of money flows.
“Whereas the suggestions from all of our stakeholder teams was super, the elevated participation of buyers in our course of has already formed our agenda,” wrote FASB chair Richard Jones and technical director Hillary Salo of their introduction to the report. “The highest seven most steadily cited investor priorities are actually included on both our technical agenda or are present process additional evaluation as a part of our analysis agenda.”
FASB, GASB and FAF logos on the wall at headquarters in Norwalk, Connecticut
Courtesy of GASB
The report acknowledged that investor suggestions helped FASB outline a brand new path ahead on the monetary efficiency reporting mission, revising its goal and scope to deal with disaggregation of revenue assertion bills. Investor enter additionally helped focus FASB’s long-term mission to enhance the transparency and usefulness of revenue tax disclosures by revising its goal and establishing a mission scope that primarily focuses on revenue taxes paid and the speed reconciliation desk.
FASB plans proceed to think about agenda requests as a part of its common standard-setting course of, and Jones and Salo thanked stakeholders for his or her engagement on the agenda session mission whereas encouraging them to share their views on these and different tasks and monetary reporting points as they develop.