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Inside IMA

IMA’s Financial Reporting Committee at the FASB meeting

Last month, the Financial Reporting Committee (FRC) of IMA® (Institute of Management Accountants) met with the Financial Accounting Standards Board (FASB) to discuss its agenda and a myriad of other issues and challenges that may impact public and private companies, including observations regarding the new hedge accounting standard. The meeting took place on October 13 in Norwalk, Conn. Look for an in-depth recap about the meeting in the December issue of Strategic Finance magazine.

Nancy Schroeder, CPA, FRC Chair, and several members of the FRC provided insightful feedback and comments throughout the meeting. Lara Long, CPA, and John Stewart, CPA, shared thoughts on the topic of revenue recognition. Jeff Ellis, CPA, has taken the lead in discussing implementation issues for the Leases standards with the FASB staff. He offered valuable input about the proposed Accounting Standards Update on technical corrections. Ellis also encouraged the FASB to collaborate with IMA’s Small Business Financial and Regulatory Affairs Committee, when appropriate. Also representing the FRC, Mitch Danaher, CMA, shared suggestions about the direction of the FASB’s disclosure framework project.

Going forward, the FRC will continue its collaborative efforts with the FASB to address relevant issues and offer practical solutions that are important to IMA members and accounting and finance professionals. Comment letters issued by the FRC can be found on IMA’s website at https://www.imanet.org/about-ima/advocacy/financial-reporting-committee. For additional information about the committee, contact Linda Devonish-Mills, CMA, CPA, CAE, IMA director of technical accounting activities, at lmills@imanet.org or (201) 474-1645.
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