FASB seeks input on standard-setting priorities
January 6, 2025
The Invitation to Comment (ITC), open through June 30, is part of an agenda consultation project in which FASB already has connected with more than 200 stakeholders, including investors, practitioners, preparers, and academics. FASB took a similar approach to formulating its standard-setting priorities in 2021.
"As a result of the significant progress on the 2021 agenda consultation priorities, the FASB staff is once again seeking stakeholder input on the board's future agenda and initiatives," FASB Technical Director Jackson Day said in a news release. "We encourage stakeholders to take this opportunity to review the ITC and share their views on financial accounting and reporting priorities they think the board should address going forward."
FASB is requesting feedback on improvements to financial accounting and reporting needed to:
Provide investors with better, more useful financial statement information that will directly influence their capital allocation decisions;
Reduce unnecessary cost and complexity; and
Maintain and improve the FASB Accounting Standards Codification.
The ITC document features input already received from stakeholders and focuses on targeted improvements to GAAP for FASB to consider. The ITC document explains how stakeholders can share their feedback, including via an electronic feedback form on the FASB website.
Via the same webpage, commenters can comment on a recent ITC focused on whether FASB should pursue a project related to intangibles.
New interim effective date for disaggregation standard
FASB on Monday published an Accounting Standards Update (ASU) that clarifies for non-calendar-year-end entities the interim effective date of ASU No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.
Public business entities are required to adopt the guidance in annual reporting periods beginning after Dec. 15, 2026, and interim periods within annual reporting periods beginning after Dec. 15, 2027. Early adoption is permitted.
[Journal of Accountancy]
