Last updated on June 24, 2021. Please refer to the Current Technical Plan for information about the expected release dates of exposure documents and final standards.
(Sections updated on the date above are indicated with an asterisk *)
Project Objective and Background*
Objective:The objective of this project is to solicit broad stakeholder feedback about the future standard-setting agenda of the FASB to ensure that the FASB continues to allocate its finite resources to achievable standard-setting projects that fulfill its primary mission of improving financial accounting and reporting standards and addressing topics that are of the highest priority to its stakeholders.
Background:In December 2020, FASB Chair Richard R. Jones announced at the American Institute of Certified Public Accountants (AICPA) Conference on U.S. Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) Developments (2020 AICPA Conference) that the FASB would undertake an agenda consultation process in 2021 (the 2021 Agenda Consultation) to assist the Board in deciding where to focus its standard-setting efforts going forward. The 2021 Agenda Consultation process is similar to prior efforts in 2016, when the staff issued an Invitation to Comment, Agenda Consultation (the 2016 Agenda Consultation), to solicit feedback about the financial reporting topics that the Board should consider adding to its agenda.
To begin the 2021 Agenda Consultation process, the FASB staff sought input from numerous stakeholder groups and FASB advisory groups, including the Investor Advisory Committee (IAC), the Financial Accounting Standards Advisory Council (FASAC), the Emerging Issues Task Force (EITF), the Not-for-Profit Advisory Committee (NAC), the Private Company Council (PCC), and the Small Business Advisory Committee (SBAC), to identify priority areas of improvement to financial reporting. Throughout the first half of 2021, the FASB staff and Board members met with more than 200 stakeholders, approximately one third of which were investors or other financial statement users. In addition to investors, a cross-section of stakeholders participated in that preliminary outreach, including preparers, practitioners, and academics—from public companies, private companies, and not-for-profit entities (NFPs). During those outreach meetings, stakeholders identified more than 40 topics of potential improvements for the FASB to consider as part of its standard-setting efforts.
The 2021 Agenda Consultation was discussed at the following public meetings:
FASB Agenda Consultation Process: Timeline
On June 24, 2021, the FASB staff issued the Invitation to Comment, Agenda Consultation (the ITC), to solicit broad stakeholder feedback. The discussions included within the ITC are based on input received from stakeholders during the first half of 2021, as described in the “Background” section above. The ITC does not include Board views; the Board will consider the feedback received in response to this ITC before making decisions about potential changes to its agenda.
There are no Board decisions at this time.
The Board meeting minutes, handouts, and videos are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions become final only after a formal written ballot to issue a final standard.
Board Meeting Materials and Information*
There are no Board meeting materials or information at this time.