NAREIT Alert (August 15, 2016)

On Aug. 4, the Financial Accounting Standards Board (FASB or Board) issued an Invitation to Comment, Agenda Consultation (the Invitation to Comment). The Invitation to Comment seeks constituent feedback about the Board’s future standard-setting agenda. NAREIT members may be particularly interested in providing the Board with input on how aspects of the financial statements could be improved particularly with respect to the income statement, including segment reporting, other comprehensive income, and the statement of cash flows. Previously, NAREIT submitted a letter in support of the Board’s Financial Performance Research Project, requesting that it be added to the Board’s formal standard setting agenda. If you are interested in participating in a task force that will evaluate the Invitation to Comment and develop a response to the Board, please contact Christopher Drula at cdrula@nareit.com by close of business on August 22. Comments are due to the Board by Oct. 17.

In addition to requesting feedback on possible improvements to the financial statements, the Invitation to Comment also explores potential issues and possible solutions about the following areas:

• Intangible assets, including research and development;
• Pensions and other postretirement benefit plans; and,
• Distinguishing liabilities from equity.

The Board plans to hold a public roundtable to discuss the Invitation to Comment in Q4 2016. The FASB plans to seek participants for the meeting that represent a wide spectrum of stakeholders, including financial statement users, preparers, auditors, and academics. In order to be eligible to participate, constituents are required to send an e-mail to director@fasb.org expressing their interest, as well as submit a written comment letter by the comment letter deadline (Oct. 17, 2016). 

Contact: George Yungmann at gyungmann@nareit.com or Christopher Drula at cdrula@nareit.com.