FOCUS on changes
roles, both standard-setting boards seated new chairs last July. Te FASB has issued an invitation to comment on priorities for its future agenda. Stakeholders are asked to review and provide comment by Sept. 22, 2021. Salo notes the importance of stakeholder feedback and emphasizes this is not an exercise solely for the Big 4 or mega- investors. “We want an open, listening culture, with as broad a basis as possible,” notes Salo. What are the accounting and financial
reporting challenges that CPAs are facing? Te FASB wants to know. In addition to the future agenda, the FASB wants to know how some of the recent standards are working in the real world. Trough the post-implementation review (PIR) process, the FASB is currently looking at the standards on revenue recognition, leasing and current expected credit losses. What they learn through the PIR process can help those who will be implementing those standards in the near future–like private companies.
At the GASB, the financial reporting
model project–the blueprint for the content of state and local governments’ financial reports–is at a critical phase. With a goal of issuing a final standard by mid-2022, the time to provide feedback is now. Skelton notes the diverse points of view, “If you talk to 20 people, you’ll get 20 views. Te GASB will need to be slow and methodical and deliberate in next steps.” Tat’s why feedback is so critical. Skelton says the GASB is working to implement an electronic feedback form similar to what the FASB uses to make it easier to provide comments. Te PIR process is underway on several key GASB standards–pensions, other post-retirement benefits and leasing. One key area of interest is cost-benefit. Skelton notes, “We analyze costs and benefits before a standard is issued. But the PIR process helps us to know what the costs really are, and whether the standard is doing what was intended.” Skelton and Salo clearly share a passion for accounting, for standard-setting and for
engaging with their stakeholders. Tey both have deep and broad experience in financial reporting. Tey both have a passion for excellence and continuous improvement. Te standard-setting world just may have found the right combination for post- pandemic financial reporting. As Salo puts it, “I never wanted a job
more than this job.” And, as Skelton sums it up, “It’s pretty awe-inspiring. Tere are only two of us in the United States. And that’s also the scary part of it.” For more information about the activities of the FASB and the GASB, and on ways to engage in the standard- setting process, see
www.fasb.org and
www.gasb.org.
Reprinted with permission from the Connecticut Society of CPAs.
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