FASB Roundtables to Solicit Input on Accounting Standards Update
The Financial Accounting Standards Board (FASB) will host five public roundtable meetings over the course of three days to elicit input from its stakeholders on the proposed Accounting Standards Update, Accounting for Financial Instruments and Revisions to the Accounting for Derivative Instruments and Hedging Activities – Financial Instruments (Topic 825) and Derivatives and Hedging (Topic 815). The roundtables are the first in a series of such forums planned for the fall and are designed to provide interested stakeholders the opportunity to express their views on major FASB projects in progress.
Participants at each roundtable represent a wide variety of perspectives, including those of preparers, auditors, and users. The board is still seeking private company and not-for-profit stakeholders to participate in the 12 October 2010 roundtable.
“As part of the board’s robust due process, we believe it is important to elicit as much input as possible on the Accounting for Financial Instruments Exposure Draft and other major FASB proposals,” said FASB member Leslie Seidman. “Hosting a series of fall roundtables, in addition to the written comment period currently under way for this and other proposals, will help ensure that we receive the broad feedback we need on this and other projects from our diverse audience of constituents who share an interest in high- quality financial reporting.”