FASB and CARC Collaborate to Enhance Cash Flows Standards

The Financial Accounting Standards Board (FASB) has shown its dedication to improving financial reporting. They've partnered with the Chookaszian Accounting Research Center (CARC) at the University of Chicago for the 2025 Emerging Financial Reporting Issues Research Symposium. As financial authorities shine a spotlight on the Statement of Cash Flows, this collaborative effort shows a real commitment to improving financial reporting standards. The one-day symposium will take place on April 4, 2025, at the FASB offices in Norwalk, Connecticut. The event will be attended by standard setters, academics, and other stakeholders.

Christine A. Botosan of the FASB reflects on the vital nature of this endeavor, stating, “Improving the Statement of Cash Flows should be a top priority for the Board,” underscoring the importance of this project among various stakeholders, particularly investors who rely heavily on accurate cash flow information.

At the same time, we should not underestimate the value of academic input. As Michael Minnis, the CARC's Executive Director, puts it, "Rigorous, high-quality academic research can really help the FASB define and address financial reporting issues early on."

The call for papers is available on the FASB website at FASB.org/academics. The submission deadline is November 15, 2024.  Also, on March 1, 2024, the FASB staff will host a free webinar to inform academics about financial reporting issues and research opportunities related to the Statement of Cash Flows. Register now.