This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Stakeholders are asked to provide input into the FASB's future agenda

  • FASB (US Financial Accounting Standards Board) Image

May 13, 2013

The Financial Accounting Standards Advisory Council (FASAC), the FASB's primary advisory group, has issued a survey to solicit stakeholder views about the FASB’s future agenda. The FASB will consider the input received through the survey as well as input received from other sources when deciding which projects to add to its technical agenda. Certain projects suggested could lead to further convergence between U.S. GAAP and IFRSs.

As certain major projects (for example, revenue recognition) are expected to be completed soon, the FASB is free to reconsider its priorities and resource allocation. Stakeholders are therefore invited to prioritize and rank projects that are active FASB projects, currently halted FASB projects, or not on the FASB's agenda at all yet.

Excluded from the survey are active agenda projects that the FASB expects complete by the third quarter of 2013, active agenda projects in which the FASB has issued an exposure draft (or expects to issue within the second quarter of 2013), and implementation projects that have an expected time frame for completion of less than one year.

Also excluded are the convergence projects that are part of the FASB-IASB Memorandum of Understanding. However, participants are asked to "[a]ssume that the direction of the use of international accounting standards in the U.S. is as outlined by the SEC staff to date." Nevertheless, participants are also asked to weigh improvement and convergence if a trade-off is needed between improvement to U.S. GAAP and convergence with IFRSs.

The project descriptions included as an appendix to the survey offer detailed information on the projects (or potential projects) along with references to corresponding IASB projects when applicable. Among the IASB projects referred to include (some of these were added to the IASB agenda or reactivated as a result of the IASB's own agenda consultation in 2011):

Participants can choose between either a short-form survey or the full survey. As additional information, a PDF version of the survey and of the project descriptions are also available. Responses were requested by May 30, 2013.

Click for for the following information on the FASB's Web site:

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.