News Release 08/04/16

FASB ISSUES INVITATION TO COMMENT ON AGENDA CONSULTATION


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 recent survey of the FASB’s advisory groups. The document includes potential issues and possible solutions about the following areas:
  1. Intangible assets, including research and development
  2. Pensions and other postretirement benefit plans
  3. Distinguishing liabilities from equity, and
  4. Reporting performance and cash flows, including income statement, segment reporting, other comprehensive income, and statement of cash flows.
“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.

“This Invitation to Comment gives our stakeholders the chance to identify potential issues we should consider, as well as how best to prioritize them,” Golden added.

Specifically, the FASB is requesting feedback on the following:
  1. Are the financial reporting issues described in this Invitation to Comment areas for which there is potential for significant improvement?
  2. What is the priority of addressing each issue?
  3. What approach should the FASB take to address each issue?
  4. Are there other major areas of financial reporting not described in this Invitation to Comment that the FASB should consider adding to its agenda?
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.

The Invitation to Comment is available at www.fasb.org.


About 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 www.fasb.org.