PROJECT UPDATE

2021 Agenda Consultation

Last updated on June 1, 2022. Please refer to the Current Technical Plan for information about the expected release dates of exposure documents and final standards.

(Sections updated on the date above are indicated with an asterisk *)

 

Objective:

The objective of this project is to solicit broad stakeholder feedback about the future standard-setting agenda of the FASB to ensure that the FASB continues to allocate its finite resources to achievable standard-setting projects that fulfill its primary mission of improving financial accounting and reporting standards and addressing topics that are of the highest priority to its stakeholders.
 

Background:

In December 2020, FASB Chair Richard R. Jones announced at the American Institute of Certified Public Accountants (AICPA) Conference on U.S. Securities and Exchange Commission (SEC) and Public Company Accounting Oversight Board (PCAOB) Developments (2020 AICPA Conference) that the FASB would undertake an agenda consultation process in 2021 (the 2021 Agenda Consultation) to assist the Board in deciding where to focus its standard-setting efforts going forward. The 2021 Agenda Consultation process is similar to prior efforts in 2016, when the staff issued an Invitation to Comment, Agenda Consultation (the 2016 Agenda Consultation), to solicit feedback about the financial reporting topics that the Board should consider adding to its agenda.

To begin the 2021 Agenda Consultation process, the FASB staff sought input from numerous stakeholder groups and FASB advisory groups, including the Investor Advisory Committee (IAC), the Financial Accounting Standards Advisory Council (FASAC), the Emerging Issues Task Force (EITF), the Not-for-Profit Advisory Committee (NAC), the Private Company Council (PCC), and the Small Business Advisory Committee (SBAC), to identify priority areas of improvement to financial reporting. Throughout the first half of 2021, the FASB staff and Board members met with more than 200 stakeholders, approximately one third of which were investors or other financial statement users. In addition to investors, a cross-section of stakeholders participated in that preliminary outreach, including preparers, practitioners, and academics—from public companies, private companies, and not-for-profit entities (NFPs). During those outreach meetings, stakeholders identified more than 40 topics of potential improvements for the FASB to consider as part of its standard-setting efforts.

The 2021 Agenda Consultation was discussed at the following public meetings:  
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FASB Agenda Consultation Process: Timeline

Exposure Draft(s):

On June 24, 2021, the FASB staff issued the Invitation to Comment, Agenda Consultation (the ITC), to solicit broad stakeholder feedback. The discussions included within the ITC are based on input received from stakeholders during the first half of 2021, as described in the “Background” section above. The ITC does not include Board views; the Board will consider the feedback received in response to this ITC before making decisions about potential changes to its agenda.



Decisions Reached at Last Meeting (May 25th, 2022):

The Board continued its discussion on stakeholder feedback received on its June 2021 Invitation to Comment, Agenda Consultation. See the tentative Board decisions for additional details and changes to the research agenda.

Decisions Reached on December 15, 2021:

The Board discussed stakeholder feedback received on its June 2021 Invitation to Comment, Agenda Consultation. See the media release for additional details and changes to the research agenda.

The Board meeting minutes, handouts, and videos are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions become final only after a formal written ballot to issue a final standard.

There are no Board meeting materials or information at this time.

The following are links to the minutes for each meeting.  To view Board meetings and handouts from the past 90 days, click here.
 
May 25, 2022* Board Meeting—The Board began its initial discussion on agenda consultation feedback.
December 15, 2021 Board Meeting—The Board began its initial discussion on agenda consultation feedback.

Feedback received from the ITC will continue to be discussed with the Board. The staff plans to provide stakeholders with a summary report of how stakeholder feedback was considered and how changes to the agenda were influenced by the feedback received during the first half of 2022. This report will conclude the 2021 agenda consultation project.

Aarika Friend
Senior Project Manager
afriend@fasb.org

Chris Roberge
Senior Project Manager
ceroberge@fasb.org

Milad Ghanatios
Postgraduate Technical Assistant
mghanatios@fasb.org

Ally Gustke
Postgraduate Technical Assistant
agustke@fasb.org

The staff has prepared this summary for information purposes only. Any Board decisions are tentative and do not change current accounting. Official positions of the FASB are determined only after extensive due process and deliberations.
 

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