Financial Accounting Standards Board's advisory council issued a survey to solicit views about FASB's project priorities and future agenda, including pension accounting.
“The survey is intended to provide feedback to the FASB as it decides on future projects,” according to a statement from the council.
The survey, open through May 31 to anyone interested in accounting and financial reporting, is available on FASB's website.
The Financial Accounting Standards Advisory Council, FASB's primary advisory panel on project priorities, plans to discuss the findings of the survey at its June 4 meeting.
FASB has mentioned in recent years the possibility of revising defined benefit pension plan reporting in financial statements and convergence of differences between its pension accounting standards and those of the International Accounting Standards Board.
“The FASB currently has an inactive project on its agenda to address employers' accounting for pensions and other post-retirement benefits,” according to an appendix to the survey.
Among possibilities, FASB could “consider potential opportunities for convergence” with revised International Financial Reporting Standards issued by the IASB that were effective Jan. 1, the appendix states.
“Another possible approach would be to consider targeted improvements, based on the areas that are most troubling to investors and other users of financial statements,” including eliminating or reducing the delayed recognition of gains and losses associated with an employer's defined benefit pension plan.
