FASB seeks feedback on standard-setting agenda

The Financial Accounting Standards Board today asked stakeholders for feedback on its future standard-setting agenda. 

FASB published an Invitation to Comment and is requesting feedback on improvements to financial accounting and reporting needed to give investors more and better information that informs their capital allocation decision-making, reduces cost and complexity, and maintains and improves the FASB accounting standards codification. 

Stakeholders should review and submit feedback by June 30.

“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 statement. “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 began the current agenda consultation in 2024, doing outreach to over 200 stakeholders, including investors, practitioners, preparers and academics. The discussion in this ITC is based on input received from those stakeholders and does not contain FASB views. Most of those stakeholders said “there is not a case to make major changes to generally accepted accounting principles at this time,” according to the announcement, so many of the topics that were suggested instead focus on targeted improvements to GAAP.

The board encourages stakeholders to continue to submit agenda requests about needed improvements to GAAP as they arise.