Confirming its commitment to focus on U.S. GAAP, the Financial Accounting Standards Board updated it standard setting agenda to emphasize GAAP priorities while its overseer is committing $3 million to support the convergence effort abroad.
FASB made a number of decisions focused on removing languishing projects from its agenda, including an old effort intended to produce a short-term convergence solution on income taxes that never came to fruition. The board also decided to take up fresh research in a number of areas that had once been viewed as convergence projects with the International Accounting Standards Board — including hedging, financial statement presentation, and liabilities and equity, for example. The board plans to research such areas as liquidity and interest rate disclosures, cash balance pension plans, the conceptual framework, and possible simplifications to GAAP.
