FASB Announces Top Priorities for 2017
After issuing several key Accounting Standards Updates and announcing new board members last year, the Financial Accounting Standards Board (“FASB”) is preparing for a busy 2017. In a five-minute video, FASB Technical Director Sue Cosper outlines the FASB’s top priorities for this year. The FASB’s top priorities for 2017 include:
- Finalizing the hedging and long-duration insurance standards;
- Supporting the implementation of its revenue recognition, leases, and credit losses standards;
- Potential improvements to nonprofit financial reporting, particularly distinguishing between exchanges and contributions; and
- Redeliberating feedback on the Invitation to Comment and continuing to focus on its Conceptual Framework.
Topics: Accounting Standards Update "ASU", Conceptual Framework Project, FASB Nonprofit Standard, Financial Accounting Standards Board "FASB", Hedging, Invitation to Comment, leases, Leases (Topic 842), Long-Duration Insurance, Revenue from Contracts with Customers (Topic 606), Revenue Recognition