Earlier this fall, the Financial Reporting Committee (FRC) of IMA? (Institute of Management Accountants) held its annual liaison meeting with the Financial Accounting Standards Board (FASB) and the Financial Accounting Foundation (FAF). The purpose was to discuss the FASB?s agenda projects and a variety of other issues and challenges that may impact public and private companies. The meeting occurred on September 21 in Norwalk, Conn.; an audio recording of it is available on the FASB website.

The meeting began with an FAF update by Kim Petrone, FAF chief of staff. Petrone discussed FAF priorities and initiatives, and provided updates on technology, FAF?s strategic plan, 2019 budget, and post-implementation reviews.

As participants in the meeting, Nancy Schroeder, CPA, FRC chair, and several other FRC members provided insightful feedback and comments to FASB board members. The major issues discussed during the session included FASB codification and guidance accessibility; and updates on SEC Disclosure Update and Simplification referral request, Leases, Financial Instruments-Credit Losses, Segments outreach, Disclosure Framework Project, Distinguishing Liabilities from Equity, Hedging, and Income Taxes.

Most recently, the FRC issued two comment letters on FASB exposure drafts: one on FASB?s Proposed Accounting Standards Update, Codification of Improvements to Topic 326, Financial Instruments ? Credit Losses; and the second on FASB?s Proposed Accounting Standards Update, Leases (Topic 842) ? Narrow-Scope Improvements for Lessors.

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.

More information about the FRC, including comment letters issued by the committee, can be found on the Financial Reporting Committee page on IMA?s website. For additional information about the committee, contact William Cordes, CMA, CFM, CPA, CAE, senior director, exam development and performance analysis, at wcordes@imanet.org or +1 (201) 474-1555.