The Financial Accounting Standards Board (FASB) has issued an Invitation to Comment (ITC) to gather stakeholder feedback on its future standard-setting agenda.
This focuses on enhancing financial statement information for investors, reducing cost and complexity, and maintaining the quality of the FASB Accounting Standards Codification.
Stakeholders are encouraged to review and comment on the ITC by 30 June 2025.
The ITC does not reflect the Board’s views but is based on stakeholder input, FASB said in its statement.
This feedback is expected to improve financial accounting and reporting and aims to provide investors useful information for capital allocation decisions, reduce cost and complexity, and maintain the FASB Accounting Standards Codification.
It is further intended to guide the Board in prioritising topics for potential inclusion in its agenda.
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By GlobalDataThe FASB staff initiated the current agenda consultation in 2024, interacting with more than 200 stakeholders across various sectors, including investors, practitioners, and academics.
According to the input received, most stakeholders, particularly investors, do not see the need for significant revisions to generally accepted accounting principles (GAAP) at present.
Therefore, the ITC’s discussions focus on targeted improvements rather than major overhauls of GAAP.
The ITC and the agenda consultation process are designed to work alongside the FASB’s formal agenda request process.
FASB technical director Jackson Day said: “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.
“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.”
In 2024, the FASB proposed an accounting standards update aimed at improving the financial accounting and disclosure of environmental credits and obligations.
This proposed update intends to provide clearer, more comparable financial information that will be more useful to investors by addressing inconsistencies in current practices.
