FASB to Release Discussion Paper on Future Projects
With work on several major accounting standards near completion, the Financial Accounting Standards Board (“FASB”) is looking to add four more projects to its agenda. The accounting board agreed on February 3rd to issue for public comment a discussion paper on standard-setting projects concerning pensions, intangible assets, liabilities and equity, and performance reporting. Each project would require a substantial undertaking, as they address heavily criticized areas of accounting.
The discussion paper is expected to be released by mid-year. In regard to the issuance of the paper, FASB Chairman Russell Golden said the FASB must consider the possible impact on its constituents before taking on future projects.