The FASB has issued an invitation to comment seeking suggestions on which accounting and financial reporting topics should be added to its project plan.
Some ideas: FASB’s various advisory groups offered several suggestions: intangible R&D assets, pensions, post-retirement benefit plans, separating liabilities from equity, and reporting performance and cash flows. At the recent ASA Fair Value Conference in Los Angeles, Adam Kamhi, a valuation fellow at the FASB, mentioned that it is interested in possibly adding a project on internally generated intangible assets. Current rules don’t allow recognition of internally generated intangibles on the balance sheet. He pointed out that the IFRS has a model for capitalizing development costs, but the model has its critics.
Extra: In separate news, the FASB has released an exposure draft proposing changes in its conceptual framework related to how items are presented in a financial statement.
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