{"id":2141,"date":"2022-03-01T10:04:28","date_gmt":"2022-03-01T15:04:28","guid":{"rendered":"https:\/\/seci.wpenginepowered.com\/?p=2141"},"modified":"2022-03-01T10:04:28","modified_gmt":"2022-03-01T15:04:28","slug":"sec-acting-chief-accountant-statement-fasb-agenda-consultation","status":"publish","type":"post","link":"https:\/\/seciblog.pli.edu\/index.php\/sec-acting-chief-accountant-statement-fasb-agenda-consultation\/","title":{"rendered":"SEC Acting Chief Accountant Statement \u2013 FASB Agenda Consultation"},"content":{"rendered":"<p>On February 22, 2022, SEC Acting Chief Accountant Paul Munter issued a Statement titled \u201c<a href=\"https:\/\/www.sec.gov\/news\/statement\/munter-statement-fasb-agenda-consultation-02222022\">Statement on the FASB\u2019s Agenda Consultation: Engagement with Investors and Other Stakeholders Vital to Development of High Quality Accounting Standards<\/a>.\u201d<\/p>\n<p>After a brief review of the <a href=\"https:\/\/www.fasb.org\/agenda_consultation\">FASB\u2019s Agenda Consultation project<\/a> Dr. Munter states:<\/p>\n<p style=\"padding-left: 30px;\">\u201cIt is critically important that the FASB, and the Trustees of the Financial Accounting Foundation (the \u201cFAF\u201d) in its important oversight role over the FASB, continue to improve processes for obtaining and considering investor and other stakeholder feedback, and for clearly communicating with those stakeholders regarding how that feedback has impacted the standard-setting process. On behalf of Commission staff in OCA, in this statement, we highlight below why engagement with investors and other stakeholders is vital to the FASB\u2019s ability to develop high quality accounting and financial reporting standards, and we provide observations on the FASB\u2019s standard-setting process, its agenda consultation, and the related ITC feedback from investors and other stakeholders.\u201d<\/p>\n<p>The <a href=\"https:\/\/www.sec.gov\/news\/statement\/munter-statement-fasb-agenda-consultation-02222022\">Statement<\/a> then provides the Acting Chief Accountant\u2019s observations on the Agenda Consultation project in areas including:<\/p>\n<ul>\n<li>The Importance of Investors and Other Stakeholders to the Standard-Setting Process<\/li>\n<li>Overall Feedback and Making the Case for Change<\/li>\n<li>Disaggregation of Financial Reporting Information<\/li>\n<li>Climate-Related Transactions and Disclosures<\/li>\n<li>Digital Assets<\/li>\n<\/ul>\n<p>As you read the <a href=\"https:\/\/www.sec.gov\/news\/statement\/munter-statement-fasb-agenda-consultation-02222022\">Statement<\/a>, you may want to focus on Dr. Munter\u2019s discussion of the costs of preparing disaggregated information, the FASB\u2019s goodwill project, and accounting and disclosures for digital assets.<\/p>\n<p>The conclusion of the <a href=\"https:\/\/www.sec.gov\/news\/statement\/munter-statement-fasb-agenda-consultation-02222022\">Statement<\/a> includes this thought:<\/p>\n<p style=\"padding-left: 30px;\">The financial reporting system\u2019s collective objective of providing investors with high quality financial reporting demands that all stakeholders seek ways to improve and better address the needs of investors. In that regard, it is important that both the FAF and FASB focus on continued improvement in the fulfillment of their respective roles and responsibilities in the financial reporting system\u2014especially in their efforts to more promptly address significant and evolving investor needs within the context of the financial statements.<\/p>\n<p>As always, your thoughts and comments are welcome.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On February 22, 2022, SEC Acting Chief Accountant Paul Munter issued a Statement titled \u201cStatement on the FASB\u2019s Agenda Consultation: Engagement with Investors and Other Stakeholders Vital to Development of High Quality Accounting Standards.\u201d After a brief review of the FASB\u2019s Agenda Consultation project Dr. Munter states: \u201cIt is critically important that the FASB, and &hellip; <a href=\"https:\/\/seciblog.pli.edu\/index.php\/sec-acting-chief-accountant-statement-fasb-agenda-consultation\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">SEC Acting Chief Accountant Statement \u2013 FASB Agenda Consultation<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[242],"tags":[],"coauthors":[154],"class_list":["post-2141","post","type-post","status-publish","format-standard","hentry","category-reporting"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/2141","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=2141"}],"version-history":[{"count":0,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/2141\/revisions"}],"wp:attachment":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=2141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=2141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=2141"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/coauthors?post=2141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}