Attention accountants, auditors, investors, financial statement preparers, and academics: What topics would you like to see the Financial Accounting Standards Board (FASB) tackle in the near term and long term?
The FASB published an invitation to comment (ITC) on Jan. 3 that gives stakeholders the opportunity to provide feedback on the board’s future standard-setting agenda.
Stakeholders are asked to review and provide comment on the ITC by June 30, 2025.
The ITC doesn’t include board views, according to the FASB, and its content is based on input received from stakeholders and is being provided to solicit broad input. The FASB said it’s requesting feedback on improvements to financial accounting and reporting needed to:
- Provide investors with better, more useful financial statement information that will directly influence their capital allocation decisions;
- Reduce unnecessary cost and complexity; and
- Maintain and improve the FASB Accounting Standards Codification.
The FASB said it will consider the feedback received in response to this ITC when making decisions about potential changes to its agenda. Those decisions include which topics, if any, should be added to the FASB’s agenda and order of priority.
“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 staff began the current agenda consultation in 2024, performing outreach with a cross-section of more than 200 stakeholders, including investors, practitioners, preparers, and academics. This included outreach with numerous stakeholder groups and FASB advisory groups.
The discussions included within this ITC are based on input received from those stakeholders. Most of those stakeholders, including investors, said that there’s not a case to make major changes to GAAP at this time, according to the FASB. As a result, many of the topics that were suggested for standard-setting efforts—and consequently described within this ITC—focus on targeted improvements to GAAP.
This ITC and the agenda consultation process are intended to complement the FASB’s formal agenda request process. Stakeholders are encouraged to continue to submit agenda requests about needed improvements to GAAP as they arise.
The ITC, as well as a “FASB in Focus” overview, are available on FASB’s website.
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