Standard Setter Seeks Advice on Future Accounting Agenda

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By Denise Lugo

Aug. 4 — Some of the thorniest accounting areas that could affect pharmaceutical and biotech firms, technology and software firms, and other sectors are among FASB's potential candidates for its next round of standard-setting work.

The Financial Accounting Standards Board published a consultation paper Aug. 4 to solicit feedback whether to add these topics to its future agenda:

  •  intangible assets, including research and development;
  •  pensions and other postretirement benefit plans;
  •  distinguishing financial instruments with traits of liabilities and equity; and
  •  reporting performance and cash flows, including income statement, segment reporting, other comprehensive income and statement of cash flow.

The paper, issued as an invitation to comment, analyzes potential issues and solutions in the four accounting categories. Practitioners that think the accounting guidance should be improved should also clarify what aspects the board should address, FASB said.

To contact the reporter on this story: Denise Lugo in New York at dlugo@bna.com

To contact the editor responsible for this story: Steven Marcy at smarcy@bna.com

Fro a copy of the invitation to comment, including how to submit comments go to: http://src.bna.com/hsa

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