HERE’S THE LINK IF YOU’D LIKE TO SUBMIT FEEDBACK TO THE FASB:
* https://www.fasb.org/jsp/FASB/Document_C/DocumentPage?cid=1176176828145&acceptedDisclaimer=true
The FASB published an Invitation to Comment (ITC) on June 24, 2021.
This means the FASB is seeking feedback from you, the public, about its future standard-setting agenda.
The FASB conducted an initial outreach in 2020, and people said they wanted 4 things:
• Greater disaggregation of financial reporting information
• Guidance for emerging topics
• Reduction of unnecessary complexity in GAAP
• Improvements to the standard-setting process
With respect to disaggregation, people asked for:
• A breakdown of COGS and SG&A to better understand a company’s cost structure
• A breakdown of income taxes
• A better understanding of how ESG-related disclosures would affect the financial statements
With respect to emerging areas in financial reporting, people asked the FASB to address:
• Definition of a derivative
• Digital assets (crypto)
• Want companies to be able to elect fair value, instead of cost minus impairments
• Intangible assets (software)
• Standardize non-GAAP metrics (EBITDA and FCF) to increase comparability
• How to account for ESG-related transactions (investments in renewable energy credits, carbon offsets, and emissions allowances)
The FASB wants to know:
• Which of these topics should be a priority
• Which topics have they missed
• What are solutions for each topic
• What are the costs and benefits of those solutions
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