The U.S. Financial Reporting Standards Board (FASB) has issued an invitation to key stakeholders to comment on its plans for future. They will have the opportunity to comment until September 22.
The FASB did not include its own proposals, having decided that it was better not to limit the wording of stakeholders’ proposals on the future priorities. Not all proposals will be reflected in the changed work plans, but the U.S. developer promises to take them into account.
In fact, consultations on the long-term work program began in late 2020, says FASB technical Director Hillary Salo. According to her, since December they have managed to talk to more than 200 stakeholders about the most painful topics that the developer should address next.
Views expressed since December 2020 formed the basis of the publication. In general, all potential projects can be divided into the following types:
• clarifying requirements for aggregation/disaggregation of information in order to increase its usefulness to investors;
• addressing emerging transactions to retain the relevance of US GAAP requirements and reduce differences in approaches in practice;
• reevaluating specific areas of existing standards to simplify requirements;
• enhancing FASB standard-setting processes and procedures.