The Financial Accounting Standards Board (FASB) today released an Invitation to Comment (ITC), inviting stakeholders to help shape its future standard-setting agenda. Stakeholders are encouraged to review the ITC and provide feedback by June 30, 2025.
The ITC outlines potential areas for improvement in financial accounting and reporting, based on extensive input from over 200 stakeholders. It does not include Board opinions but seeks broad input to address:
- Enhancing the usefulness of financial statements for investors to support better capital allocation decisions.
- Reducing unnecessary complexity and costs in financial reporting.
- Maintaining and improving the FASB Accounting Standards Codification®.
Feedback from this ITC will guide the FASB in determining which topics to prioritize, as well as the order in which they will be addressed.
“With significant progress made on the 2021 agenda priorities, we are once again seeking stakeholder input on future initiatives,” said FASB Technical Director Jackson M. Day. “We urge stakeholders to take this opportunity to share their views on financial accounting and reporting priorities.”
The ITC is part of the FASB’s broader agenda consultation process, which began in 2024. This process has included discussions with investors, preparers, practitioners, academics, and advisory groups. While there is no current push for major changes to generally accepted accounting principles (GAAP), the ITC focuses on targeted improvements to address stakeholder needs.
Stakeholders are encouraged to review the ITC, participate in the consultation process, and submit agenda requests for potential improvements to GAAP as they arise.