The FASB has issued their 2022 Investor Outreach Report detailing their interactions with investors throughout the 7/1/21 – 6/30/22 period. It provides details on the advisory groups with investors as well as the feedback from the ITC for agenda consultation.
FASB has issued a niche proposal to expand the use of the proportional amortization method to more types of income tax credit structures so long as certain conditions are met. This will help align the accounting for more types of arrangements. Comments are due by October 6, 2022.
The FASB has issued their 2021 Agenda Consultation Report to provide an update on how the feedback received from their ITC last year influenced the current standard setting agenda. The report provides insight into the top priorities of various stakeholders and the ultimate decisions of the board based on the feedback.
The GASB has issued a proposal around disclosures related to certain risks. The proposal provides disclosure requirements for certain concentrations and constraints. Comments are due September 30, 2022.
This week marked a major consolidation in the ESG standard setting arena. The IFRS Foundation completed its consolidation of the Value Reporting Foundation (VRF). The IFRS Foundation is the parent entity to the IASB who writes IFRS. It will now also be the parent to the new International Sustainability Standards Board’s (ISSB) which is working to develop a comprehensive global baseline of sustainability disclosures for the capital markets and will leverage the resources of the VRF as part of this consolidation.
The FASB has issued a proposal to address transition for insurance entities in applying ASU 2018-12. The proposal addresses the requirements to apply the new standard to contracts that have been sold. This is a very niche standard so comments are due August 8.