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Stakeholders provide input into the FASB's future agenda

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Sep 17, 2013

The Financial Accounting Standards Advisory Council (FASAC), the FASB's primary advisory group, has issued the results of its survey soliciting stakeholder views about the FASB’s future agenda. The 100-page report will be a resource for the FASB when it considers respondents' feedback, as well as input received from other sources, when deciding which projects to add to its technical agenda.

The survey received 105 responses from preparers, accounting firms, users, academics, industry organizations, and others.

The top five projects that respondents thought should be on the FASB's agenda for the next three to five years are:

  • Disclosure framework.
  • Accounting for financial instruments — hedging.
  • Conceptual framework.
  • Financial instruments with characteristics of equity.
  • Pensions (tied for 5th place).
  • Financial statement presentation (tied for 5th place).

Half of all respondents would like to see the FASB resolve one or more potential projects within the next 24 months. Respondents specifically noted the financial instruments, conceptual framework, and disclosure framework projects. Most of the comments on the conceptual framework project focused on convergence and collaboration with the IASB, with a very wide range of views on how the FASB should undertake that project.

About half of respondents also support the reorganization or enhancement of the FASB's Codification, with 71 percent of respondents from accounting firms responding that the Codification should be enhanced.

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

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