NAA2427. FASB Update

Fueled by stakeholder feedback, the FASB’s 2021 agenda consultation process resulted in standards and projects that impact public and private companies alike. The Board recently issued new guidance on crypto assets and income tax disclosures, among others, and is working towards the completion of projects that address accounting for government grants, software costs, and environmental credit programs—all while continuing its post-implementation reviews of the revenue recognition, leases, and credit losses standards. During this session, FASB Member Sue Cosper, and FASB Supervising Project Manager Jenifer Wyss will discuss what you need to know to successfully apply new and upcoming standards, progress on FASB’s ongoing post-implementation reviews, and why the FASB needs your continued input on these and other projects and initiatives, such as the upcoming agenda consultation.

Learning Objectives:

• Identify the FASB’s upcoming agenda consultation process as well as completed and current projects resulting from the FASB’s 2021 agenda consultation process.
• Recognize other recently issued FASB standards and related transition guidance.
• Recognize the FASB’s post-implementation review process and how it supports the successful implementation of standards.