What Do You Want In Your Financial Reporting? FASB Wants To Know

In August, the FASB issued an Invitation to Comment on their agenda. Of course, anyone can comment on their agenda at any time - but this Invitation to Comment is structured into four different subtopics. The Board has finally finished its “mega-projects” like leasing, financial instrument credit impairment, and revenue recognition. It’s looking for other mega-projects (my word, not theirs) to tackle now that their docket has freed up somewhat.

The four subtopics represent areas that the Board knows have been problematic in practice, or has seen frequent requests for improvement from its constituents. They are: intangible assets recognition, liabilities and equity differentiation issues, pension and other postretirement benefit plan accounting, and maybe the most important one of all, overhauling income statement and cash flow statement reporting.

The comment period ends today. So far, responses have been light. There are bound to be late arrivals, and the Board will probably accept them for a while. If you’ve got something on your mind, let them know with a quick email, even, to mailto:director@fasb.org. It doesn’t have to be a long comment. Just be sure to put “File Reference No. 2016-290” in the subject line.

I’ve put together a comment letter of my own on the Invitation to Comment, which is accessible here. It’s lengthy, but the issues might be important enough to you that they’re worth a skim.

 

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