The Financial Accounting Standards Board voted Thursday to add three more projects to its technical agenda in the areas of liabilities and equity, financial performance reporting, and segment reporting.
The first project aims to distinguish liabilities and equity to improve understandability and reduce complexity, without sacrificing the information that users of financial statements need. It will focus on indexation and settlement (within the context of the derivative scope exception), along with convertible debt, disclosures, and earnings per share
In the area of financial performance reporting, FASB also voted to add a new component of its Financial Performance Reporting Research project to focus on disaggregation of performance reporting by function and nature.
In addition, FASB will work on a narrow-scoped project on segment reporting to improve the aggregation criteria and segment disclosures.
FASB also voted to remove several projects from its research agenda, including Accounting for Financial Instruments: Interest Rate Risk Disclosures, Pensions and Other Postretirement Employee Benefit Plans, a holistic project on accounting for intangibles assets, and the segment disclosure component of Phase 2 of the Financial Statements of Not-for-Profit Entities project.
More information is available in a handout for the meeting. FASB also plans to post a summary of tentative board decisions on its website in the days ahead.
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