NY State CPA Society Offers Proposals to FASB

The New York State Society of CPAs (NYSSCPA) in response to The Financial Accounting Standards Board (FASB) invitation for feedback to new proposed financial accounting and reporting topics has offered detailed policy suggestions to the request.

Abridged list of NYSSCPA proposals include:

• Open Protocol – the development and implementation of an accessible mechanism for the ongoing submission of additional topics for FASB agenda review and consideration.
• Empirical Study – a comprehensive analysis across a diverse population of financial statement users in order to objectively understand what information the users feel necessary, why it is necessary, and in what form this information could be better.
• Updating Distinguishing Liabilities from Equity – a modernized framework for analysis on this high priority, complex accounting issue would potentially have the most wide-reaching impact on financial statement users and preparers and users of financial statements to understand.
• Updating Intangible Assets (including Research and Development) – this major financial reporting issue along with other major financial reporting topics should be periodically assessed for relevance as the needs of financial statement users evolve within the context of a changing economy. However, the intricacies of this subject deserves further research including why a change from current guidance would be considered an improvement and to whom.