The Financial Accounting Standards Board (FASB) has issued an Invitation for Comments (ITC) to gather stakeholder feedback on its future standard setting agenda.
This focuses on improving financial statement information for investors, reducing costs and complexity, and maintaining the quality of the FASB Accounting Standards Board.
Stakeholders are encouraged to review and comment on the ITC by 30 June 2025.
The ITC does not reflect the views of the Board but is based on stakeholder input, FASB said in its statement.
This feedback is expected to improve accounting and financial reporting and is intended to provide investors with useful information for capital allocation decisions, reduce costs and complexity, and support the FASB Accounting Standards Board.
It is also intended to guide the Board in prioritizing topics to be included in its agenda.
FASB staff initiated the current agenda consultation in 2024, interacting with more than 200 stakeholders across various sectors, including investors, practitioners and academics.
According to the input received, most stakeholders, especially investors, do not see the need for significant amendments to generally accepted accounting principles (GAAP) at this time.
Therefore, the ITC's discussions focus on targeted improvements rather than a significant overhaul of GAAP.
The ITC and the agenda consultation process are designed to work alongside the formal FASB agenda request process.
FASB technical director Jackson Day said: “As a result of the significant progress on agenda 2021 consultation priorities, FASB staff are once again seeking stakeholder input on the Board's future agenda and initiatives.
“We encourage stakeholders to take this opportunity to review the ITC and share their views on accounting and financial reporting priorities that they believe the Board should address moving forward.”
In 2024, FASB proposed an accounting standards update with the aim of improving accounting and financial disclosure environmental credits and liabilities.
This proposed update is intended to provide clearer and more comparable financial information that will be more useful to investors by addressing inconsistencies in current practices.
“FASB seeks feedback on standard setting agenda” was originally created and published by The Accountantbrand owned by GlobalData.
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