These developments have no immediate effect on financial reporting. However, shifts in the Board’s priorities and the potential for new standards could be important considerations as companies plan for the future.

These changes, discussed in the FASB’s 2021 Agenda Consultation Report include the following topics:

• Disaggregated financial information: Refining the focus of the Board’s existing projects on financial performance and income tax disclosures.
   
• Emerging areas: Adding to the technical agenda projects on digital assets, environmental credit programs, and software costs.
   
• Research: Initiating research on several potential agenda topics, including exchange-traded commodities, government grants, cash flows, and financial instruments with ESG features. For example, the Board recently asked for input on the accounting for government grants.

Get the information you need in this overview of the agenda-setting process.  It summarizes the feedback the Board received regarding priorities and discusses the topics that now represent the Board’s standard setting priorities.