FASB asks for stakeholder feedback on future agenda priorities

FASB has published an Invitation to Comment (ITC) that gives stakeholders the opportunity to provide feedback on its future standard-setting agenda. Stakeholders are asked to review and provide comment on the ITC by June 30, 2025. 

The ITC does not include Board views. Its content is based on input received from stakeholders and is being provided to solicit broad input. The FASB requests feedback on improvements to financial accounting and reporting needed to: 

1. Provide investors with better, more useful financial statement information that will directly influence their capital allocation decisions 

2. Reduce unnecessary cost and complexity 

3. Maintain and improve the FASB Accounting Standards Codification 

The Board will consider the feedback received in response to this ITC when making decisions about potential changes to its agenda. Those decisions include which topics, if any, should be added to the FASB’s agenda and order of priority. 

The FASB staff began the current agenda consultation in 2024, performing outreach with a cross-section of over 200 stakeholders, including investors, practitioners, preparers, and academics. This included outreach with numerous stakeholder groups and FASB advisory groups. 

The discussions included within this ITC are based on input received from those stakeholders. Most of those stakeholders, including investors, said that there is not a case to make major changes to generally accepted accounting principles (GAAP) at this time. Therefore, many of the topics that were suggested for standard-setting efforts, and consequently described within this ITC, focus on targeted improvements to GAAP. 

This ITC and the agenda consultation process are intended to complement the FASB’s formal agenda request process. Stakeholders are encouraged to continue to submit agenda requests about needed improvements to GAAP as they arise.