Comment Letters Ask FASB to Limit Future Projects
Some trade groups want the Financial Accounting Standards Board (“FASB”) to provide more leeway for implementing current accounting standards before taking on new projects. In feedback to the FASB’s Invitation to Comment, Agenda Consultation, groups like the American Bankers Association (“ABA”) asked the board to consider the time and costs needed when new standards are implemented. The ABA also noted that standards involving revenue, leases, credit losses and financial instrument measurement and classification require significant undertaking that could last over several years.
Other comment letters to the agenda consultation document came from the Institute of Management Accountants (“IMA”), which advised the FASB to break from working on amendments. The IMA, however, also recommended that the guidance for differentiating between liabilities and equity should become a priority. Additionally, investors and other groups said they want the FASB to address improvements to U.S. GAAP, and the National Association of Real Estate Investment Trusts wants financial reporting performance to become top priority — especially as reliance on non-GAAP measures increases.
Topics: American Bankers Association "ABA", Credit Losses, Financial Accounting Standards Board "FASB", Financial Instruments, financial reporting, Institute of Management Accountants "IMA", leases, U.S. GAAP