Financial performance reporting among priorities as FASB sets agenda
FASB decided Wednesday to perform research on six topics for consideration of possible accounting standard setting, according to a news release from the board.
Four issues will be added to its research agenda and included in an agenda discussion paper that will be issued to the public in the first half of this year:
- Financial performance reporting.
- Pensions and other post-retirement employee benefit plans.
- Intangible assets.
- Distinguishing liabilities from equity.
The board also will place two additional projects on its research agenda on consolidations and on inventory and cost of sales.
FASB decided not to perform additional work on the topic of asset retirement obligations.
In a post on FASB’s website, FASB Chairman Russell Golden explained that a survey of FASB advisory group members revealed that preparers, users, and practitioners all thought financial performance reporting and pensions and other post-retirement benefits should be top priorities for FASB.
Liabilities with characteristics of equity was rated as a priority by preparers and practitioners, and users rated intangible assets as a priority.
The agenda discussion paper will give a full description of the top areas of concern identified in the survey results, present possible solutions, and request feedback. Source: Journal of Accountancy.