The Morning Ledger: The Year Ahead
☀️ Good morning. What’s on FASB Chairman Rich Jones’s agenda for 2025?; stock markets to close Thursday in honor of former President Jimmy Carter; plus, our outlooks on what to expect in the coming year.
The Financial Accounting Standards Board will evaluate two weighty issues in 2025 on how companies report their performance metrics and research and development spending as it looks to refill its slate of potential new rules.
The accounting standard-setter for U.S. companies and nonprofits recently requested public feedback on the next batch of issues it should prioritize, with a deadline at the end of June.The board will determine whether to add the issues raised to its standard-setting or research agendas over the next year and beyond, Chairman Rich Jones said in an interview with Mark Maurer .
The body expects to finalize new rules on accounting for software costs, environmental credits and government grants in 2025, Jones said. The FASB’s standards, which can take years to come to fruition, can saddle companies with a greater compliance burden but also give more technical clarity, while providing investors with new corporate details.
Notably, the FASB could dive into two hot-button accounting topics: companies’ use of financial key performance indicators, or KPIs, and their accounting for intangible assets such as drug development, cryptocurrency or brands. “You’re seeing us really explore what, depending on the direction those projects take, could be a very significant shift in financial reporting,” Jones said.
The Week Ahead
Tuesday
The Bureau of Labor Statistics releases the Job Openings and Labor Turnover Survey. The Institute for Supply Management releases its Services Purchasing Managers’ Index for December.
Wednesday
Earnings: Albertsons Companies
ADP releases its National Employment Report for December.
The Federal Open Market Committee releases the minutes from its mid-December monetary-policy meeting.
Thursday
Earnings: Aritzia, KB Home, Simply Good Foods
The Nasdaq and the New York Stock Exchange are closed in honor of former President Jimmy Carter, who died late last year. President Joe Biden declared Jan. 9 a national day of mourning for Carter.
Friday
Earnings: Constellation Brands, Delta Air Lines and Walgreens Boots Alliance
The Bureau of Labor Statistics releases the jobs report for December.
The Supreme Court hears arguments in TikTok’s appeal of a federal law that would shut down the social media app in the U.S. The law would ban TikTok in the U.S., starting on Jan. 19, unless the video app’s parent, ByteDance, sells TikTok to a non-Chinese company.
The University of Michigan releases its Consumer Sentiment Index for January.
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Outlook 2025
Corporate chiefs spent much of the year concerned about inflation and the U.S. election and generally focused on how to wring more operational efficiencies out of their organizations. While 2025 brings more clarity ahead on many fronts, one constant remains: managing change.
Inflation will still be a focus in the year ahead, as consumers continue to watch their grocery bills, and companies weigh the potential inflationary effects of tariffs and their impact on trading partners including Canada, Mexico and China.
2025 will be a watershed year for artificial intelligence, as companies integrate generative AI into their workflows to a greater degree, including in investor relations departments and earnings preparation.
And with the new Trump administration set to take office, expectations for lower interest rates, measures to curb inflation and a pullback in regulatory scrutiny also have some chief financial officers adjusting their game plans and gearing up for “animal spirits” to provide a tailwind for M&A activity in the coming year.
The Wall Street Journal interviewed some top finance chiefs and analysts about their expectations and plans for the year ahead. Here's a look at the trends and issues businesses face heading into the new year:
✏️ Do you agree with these top themes for 2025? If not, what other trend would you add? Join the conversation below or at the bottom of the stories.
About Us
The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax accounting, regulation, capital markets, management and strategy.
Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.
You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.