FASB updates research agenda


The Financial Accounting Standards Board discussed Wednesday the feedback received on its June 2021invitation to comment on its future standard-setting agenda and the next steps to address those comments, including changes to its research agenda.

FASB’s invitation to comment was intended to solicit broad stakeholder feedback on which of its standard-setting projects FASB should allocate resources. All comments will be discussed with the board, including feedback related to existing projects on FASB’s technical agenda. Areas of significant feedback will be prioritized for further discussion in early 2022, which during Wednesday’s meeting included the disaggregation of financial information in the income statement and statement of cash flows.

In response to the invitation to comment feedback, FASB chair Rich Jones announced changes to the FASB research agenda, which he establishes based on projects added to the technical agenda after consensus is reached by a majority of board members based on established agenda criteria.

FASB, GASB and FAF logos on the wall at headquarters in Norwalk, Connecticut

Courtesy of GASB

FASB’s research agenda will include the following research projects:

  • Accounting for Exchange-Traded Digital Assets and Commodities: Exploring accounting for and disclosure of a subset of exchange-traded digital assets and exchange-traded commodities.
  • Accounting for and Disclosure of Intangibles: Considering potential ways to improve the accounting for and disclosure of intangibles.
  • Hedge Accounting Phase 2: Seeking stakeholder feedback to potentially bring further alignment of hedge accounting with risk management activities beyond the targeted improvements made to the hedge accounting model in Accounting Standards Update No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, and consider changes to the definition of a derivative.
  • Accounting for Financial Instruments with Environmental, Social, and Governance (ESG)-Linked Features and Regulatory Credits—Exploring accounting for and disclosure of financial instruments with ESG-linked features and regulatory credits.
  • Accounting for Government Grants, Invitation to Comment: Soliciting feedback on whether the requirements in IAS 20, Accounting for Government Grants and Disclosure of Government Assistance, should be incorporated into GAAP.
  • Agenda Consultation: Soliciting feedback about the financial reporting issues FASB should consider adding to its agenda, and their priority.

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

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