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1 . 3 Proposed Accounting Standards Updates and Comment Letters In December 2 0 2 1 , the FASB issued a proposed Accounting Standards Update
Proposed Accounting Standards Updates and Comment Letters
In December the FASB issued a proposed Accounting Standards Update ie an Exposure Draft Liabilities Supplier Finance Programs Subtopic and solicited constituent feedback. Locate this proposed standard.
Required:
Read the summary section of this proposed standard.
a First, what is a supplier finance program?
b What change in disclosures does this exposure draft propose?
Look for comment letters related to this exposure draft. From fasb.org, navigate to Projects, then Comment Letters. Locate this topic, then click on the link to view comment letters. Next:
a Locate a comment letter that looks interesting to you. What company or individual wrote the letter, and what is their perspective in writing this letter ie are they writing from the perspective of a financial statement user, preparer, etc.
b What aspects of the proposed standard does the commenter support?
c What concerns does the commenter raise regarding the proposed standard?
d How would you expect a company preparer might react to this proposed standard compared to how a banker investor might react? Explain.
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