FASB updates its research agenda based on stakeholder feedback


The Financial Accounting Standards Board on Wednesday discussed comments received on its June 2021 invitation to comment on its future standards agenda and next steps to respond to those comments, including changes to its research agenda.

The FASB’s invitation to comment was intended to solicit feedback from stakeholders on standardization projects to which the FASB should allocate resources. All comments will be discussed with the Board, including comments related to existing projects in the FASB technical program. Important comment areas will be prioritized for further discussion in early 2022, which at Wednesday’s meeting included the disaggregation of financial information in the income statement and statement of cash flows.

Responding to the invitation to comment on the comments, FASB President Rich Jones announced changes to the FASB’s research agenda, which he established on the basis of projects added to the technical agenda after consensus was reached. achieved by a majority of board members based on established program criteria.

FASB, GASB and FAF logos on the wall of the head office in Norwalk, Connecticut

Courtesy of GASB

The FASB research program will include the following research projects:

  • Accounting for Digital Assets and Exchange Traded Commodities: Exploring the accounting and disclosure of a subset of digital assets and commodities traded on an exchange.
  • Recognition and disclosure of intangible assets: Examine potential ways to improve the recognition and disclosure of intangible assets.
  • Hedge Accounting Phase 2: Solicit stakeholder feedback to potentially further align hedge accounting with risk management activities beyond targeted improvements to the hedge accounting model in Accounting Standards Update # 2017-12, Derivatives and hedging (subject 815): Targeted improvements to the recognition of hedging activities and consider changes to the definition of a derivative.
  • Accounting for financial instruments with environmental, social and governance (ESG) characteristics and regulatory credits – Exploration of the recognition and disclosure of financial instruments with ESG characteristics and regulatory credits.
  • Accounting for Government Grants, Call for Comments: Solicit comments on whether the requirements of IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, should be incorporated into GAAP.
  • Consultation on the agenda: soliciting comments on financial reporting matters The FASB should consider adding to its agenda and to their priority.

Upcoming consultation meetings on the FASB’s agenda will be announced here on its website.


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