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State Board Report

February 2014

The Financial Accounting Standards Board voted on January 29 to reorganize its agenda to focus more closely on the issues identified as most important by a survey completed last year by more than 100 members of the Financial Accounting Standards Board’s advisory groups and other stakeholders. FASB Chairman Russ Golden stated: “As our work on joint projects with the International Accounting Standards Board comes to completion over the next year, the Board will focus on improving U.S. GAAP for our stakeholders here and abroad.”

Consulting with the other FASB members, Chairman Golden decided the FASB would perform research on: accounting issues in employee benefit plan financial statements; accounting for financial instruments – hedging; accounting for financial instruments – liquidity and interest rate disclosures; conceptual framework; financial statement presentation; liabilities and equity – short-term improvements; pensions – cash balance plans; and simplification initiative.

The FASB voted to add to its technical agenda development of guidance for disclosure requirements related to government assistance. They also voted to delete the following projects from their agenda: emissions trading; earnings per share; income taxes (short-term convergence project); not-for-profit financial reporting (other financial communications); investment property entities; and investment companies (real estate property investments).

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