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FASB News
Advisors call for more specificity in investor awareness
Senior FASB advisers said the board should be more specific in its investor outreach, citing ways it can broaden current efforts to generate feedback on its rule-making efforts. Investor awareness can also be enhanced beyond current efforts to ensure that analysts receive this call for papers on the topics on which they are best qualified to speak, financial executives of some of the largest corporations in the country. The board could call on large investors – Vanguard Group, Blackrock Inc., Fidelity and State Street Corp., for example – to provide commentary on topics that would impact large companies, Amie Thuener suggested. , vice president, chief accountant of Google’s parent company, Alphabet. . “How do we make sure we reach out to these investors and hear their voices proactively,” she said during discussions of the Financial Accounting Standards Advisory Council (FASAC). “I think silence doesn’t necessarily mean agreement.” Leveraging the outreach of CFA organizations and industry associations is another way for the board to tap more investors, according to the discussions. “When I see investors, it’s often at industry events, especially when they focus on a particular industry,” said John Pietrowicz, senior managing director and CFO of the CME group. FASAC analysts also stressed the need for specificity and reaching out to trade groups; they suggested that the council could use a partnership approach to engage those who might be reluctant to participate.
Hundreds of requests received for cryptocurrency rule
To date, the FASB has received around 500 letters of comment in response to its agenda consultation paper, 100 of which are unique, and the other 400 are asking for cryptocurrency rules only, the president said. Richard Jones at a consultative board meeting. FASB staff are evaluating the comment letters and the board will discuss the topics at future public meetings, Jones said at a Sept. 30 meeting of the Financial Accounting Standards Advisory Council (FASAC). In June, the board issued an Invitation to Comment (ITC) 2021-004, Agenda Consultation, to solicit a broad audience for comment on what to add to its five-year technical program. The document asked companies to weigh in on board priorities and make suggestions on other standardization initiatives, such as how to reduce the complexity of financial reporting, improve the board process, etc. The demands on the board to tackle cryptocurrencies (also known as digital assets) come at a time when the interest and use of digital assets in business transactions is growing rapidly, but varying in practice. Some companies accept digital assets as a form of payment for goods and services and immediately convert those assets to cash, while others hold these assets after a reporting period date.
News from the IASB
Final decision on the new Sustainability Council coming in mid-October
The IFRS Foundation will make a final decision during the week of October 18 on the creation of the new International Sustainability Standards Board (ISSB), the body that will develop climate-related disclosure rules, according to an administrator report September 28. The decision to create the board of directors will be subject to meeting the key requirements for success that were outlined in the proposed amendments to the foundation’s constitution and governance, the report said. The move comes a year after the foundation released a consultation paper to generate public comment on the creation of the new board. [Initially, the board was going to be named the “Sustainability Standards Board (SSB).”] The topic was most recently discussed during the directors’ videoconference on September 20, which assessed progress and comments on the consultation document released in April. More specifically, the directors discussed three areas: the working group on technical preparation, jurisdictional commitment and proposed changes to its constitution.
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