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By Denise Lugo
U.S. accounting rulemakers will turn to the public for advice on how to address four new, sometimes vexatious topics: financial statement performance reporting, liabilities and equity, intangible assets, and pensions.
The Financial Accounting Standards Board plans to discuss publicly in the next several weeks whether to approach the four topics with targeted improvements or with a more fundamental change in guidance.
There are “mixed views as to what the issues specifically are in financial reporting and what path the board ought to take to address that,” FASB Vice Chairman James Kroeker told Bloomberg BNA in a video interview.
See video interview here: https://www.bna.com/fasbs-agenda-consultation-m73014462944/
“To the extent that we’re thinking more of a revolutionary or a holistic change, certainly much more time involved in that,” Kroeker said. “Some of the issues we’re talking about are some of the most vexatious issues in financial reporting—distinguishing liabilities and equity has not been easy.”
Company practitioners also urged the board to consider the pace of change as they determine which new standards to revise or develop on a new standard setting agenda that’s being considered, Kroeker said.
Practitioners have their hands full adopting new rules for revenue, leases and credit losses, major financial reporting changes that will impact many industries.
FASB received “a strong message of be mindful of pace of change. Another message was ‘be prepared to provide transitional support’ ” in making any major new changes, said Kroeker, a former chief accountant at the Securities and Exchange Commission.
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