News Column

FASB Updates on New Agenda Priorities

February 3, 2014

The Financial Accounting Standards Board (FASB) voted to reorganize its agenda to focus more closely on the issues most important to FASB stakeholders. According to a release, the Board also discussed several research projects as part of its prioritization initiative. "As our work on joint projects with the International Accounting Standards Board (IASB) comes to completion over the next year, the Board will focus on improving U.S. GAAP for our stakeholders here and abroad," stated FASB Chairman Russ Golden . "Today's agenda decisions will allow us to direct our resources to financial reporting issues our stakeholders believe are the most important." During the meeting, the Board considered changes both to its own agenda and that of the Emerging Issues Task Force (EITF). The FASB voted to add to its technical agenda a project to develop guidance for disclosure requirements related to government assistance. The Board also voted to remove the following projects from the FASB agenda: -Emissions Trading -Earnings per Share -Income Taxes (short-term convergence project) -Not-for-Profit Financial Reporting: Other Financial Communications -Investment Property Entities -Investment Companies: Real Estate Property Investments . The Board voted to remove the following projects from the EITF agenda: -Application of the AICPA Audit and Accounting Guide, Investment Companies, by Real Estate Investment Companies (EITF 09-D) -Commodity Inventories of Brokers and Dealers (EITF 06-12) -Interpretation of Constraining Conditions of a Transferee in a CBO Structure (EITF 03-15) -Multiple Foreign Exchange Rates (EITF 10-B) -Potential EITF Issues on Application of EITF 99-20 When a Special-Purpose Entity Holds Equity Securities Additionally, the Chairman decided in consultation with the other Board members that the FASB would perform research on the following projects: -Accounting Issues in Employee Benefit Plan Financial Statements -Accounting for Financial Instruments-Hedging -Accounting for Financial Instruments-Liquidity and Interest Rate Disclosures -Conceptual Framework -Financial Statement Presentation -Liabilities & Equity: Short-term Improvements -Pensions-Cash Balance Plans -Simplifications Initiative It also was decided that the PCC should consider doing pre- agenda work on phase two of the "Definition of a Nonpublic Entity" project. When reorganizing its agenda, the FASB was guided by results from a survey completed last year by more than 100 members of FASB advisory groups and other stakeholders. The group included representatives of preparers, investors and other financial statement users, auditors, academics, and industry organizations. The Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. More information: fasb.org ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


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