FASB Announces 2022 Research Agenda

FASB Announces 2022 Research Agenda

FASB announced its updated research agenda based off of initial discussions of the earlier 2021 Invitation to Comment. The ITC was an agenda consultation project to hear from stakeholders what their thoughts were on the next phase of standard setting. The research agenda includes 6 items that if approved will move to the standard setting agenda.

Ethics Exposure Draft: Accounting Standards Implementation Services

Ethics Exposure Draft: Accounting Standards Implementation Services

The AICPA has issued a proposed ethics interpretation to help CPAs understand to what extent they can assist clients with implementing new accounting standards. The proposal identifies certain items as being nonattest services for which the normal rules for nonattest services would apply – management having SKE, management accepting responsibility, etc. On the other hand, it also identifies prohibited nonattest services the CPA can not perform without impairing independence. Comments are due December 20, 2021.

FASB Proposal: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

FASB Proposal: Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

FASB has issued a proposed ASU addressing the accounting for investments in equity securities measured at fair value that are subject to contractual restrictions preventing the sale of those securities. The proposal clarifies that a contractual restriction on the sale of these securities is not considered part of the unit of account of the equity security which means it does not impact the measurement of fair value. Comments are due by November 14, 2021.

GASB: Re-exposure Notes to Financial Statements

GASB: Re-exposure Notes to Financial Statements

Governmental Accounting Standards Board (GASB) issued a REVISED exposure draft regarding Notes to the Financial Statements. This is in preparation for a Concept Statement that helps determine what is “essential” for disclosure. The Board previously issued an ED back in 2020 and has made revisions based on the feedback received. Comments are due by October 15, 2021.

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