On Sept. 22, Grant Thornton submitted a response to the FASB’s invitation to comment on its projects agenda going forward. In that letter, we elucidate why the firm believes the following projects should take top priority for the Board’s consideration:
- Performing a holistic review of the guidance on distinguishing liabilities from equity
- Making targeted improvements and/or performing a holistic review of the consolidation guidance
- Clarifying the accounting for digital assets
- Aligning the guidance on internal-use software and software to be sold, leased, or marketed
- Clarifying the accounting for ESG-related transactions, specifically ESG-related credits
- Establishing an accounting model for government grants received by business entities
To read more about our suggestions and underlying rationale, download our comment letter here.