August was definitely a slower month for the standard setters, but there are still some interesting developments and meetings that occurred during this month.
On August 6, the FASB issued its 2024 Investor Outreach Report. The FASB is seeking input to progress their agenda, including the top seven priorities identified by investors during the FASB’s recent agenda consultation. Those priorities include projects that address disaggregation of financial reporting information; income tax disclosures; accounting for ESG-related transactions; digital assets; intangible assets, including software; statement of cash flows; and financial KPIs or non-GAAP metrics. The report also provides updates on the FASB’s Investor Advisory Committee – the only advisory body dedicated to one stakeholder group.
In other exciting news, on August 16 the FASB and the Accounting Standards Board of Japan (ASBJ) held a meeting in Norwalk, CT at FASB headquarters. The meeting was the thirty-fourth in a series of meetings between the FASB and the ASBJ to further the Boards’ cooperative efforts to develop high-quality global accounting standards.
Additionally, the GASB met from August 20-22 to discuss a variety of topics. Among these topics included discussions on infrastructure assets, subsequent events, revenue and expense recognition, and the GASB’s technical plan. The GASB has an upcoming meeting scheduled for September 9 as well, discussing the classification of nonfinancial assets.
Lastly, on August 13, an AICPA letter supported by every state CPA society asked the Department of Homeland Security to add accounting to the department’s STEM Designated Degree Program List. If accounting gets included on the STEM degree list, it would enable U.S. accounting programs to attract talent from around the world.
Stay tuned for next month!
