Chapter 3Accounting Guidance on the Horizon
Learning objectives
- Identify framework projects on FASB’s technical agenda.
- Identify recognition and measurement projects on FASB’s technical agenda.
- Identify presentation and disclosure projects on FASB’s technical agenda.
Overview
This chapter addresses projects currently residing on FASB’s technical plan. The projects are categorized into the following sections:
- Framework
- Recognition and measurement
- Presentation and disclosure
- Research
FASB meets regularly to discuss these and other projects. To keep current on the projects described in this chapter, as well as other projects, it is suggested that you consider monitoring the projects on FASB’s website.
FASB framework projects
FASB framework projects address conceptual objectives. Projects within this framework category are intended to improve FASB’s existing foundation for developing future accounting standards.
Conceptual framework — elements
Status
Initial deliberations
Overview
This project addresses various definitions defined in FASB Concepts Statement No. 6, Elements of Financial Statements, such as but not limited to liabilities, revenues, expenses, gains, and losses. The board’s recent discussions addressed the definition of a liability along with various concepts relating to distinguishing liabilities from equity. The board recently decided the following regarding liabilities:
- All present obligations to transfer assets and obligations to deliver shares sufficient ...
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