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FASB discusses disclosure framework

  • FASB (US Financial Accounting Standards Board) Image

Oct 11, 2013

The FASB has issued a fact sheet and discussed aspects of its discussion paper on its disclosure framework project.

On July 12, 2012, the FASB initiated its disclosure framework project with the release of a discussion paper, Invitation to Comment: Disclosure Framework, which coincided with a discussion paper issued by the EFRAG, ANC, and FRC. The organisations have been working together to share information they have gathered on their respective projects.

The FASB’s disclosure framework project is divided into two sections, which are (1) the Board’s decision process and (2) the Entity’s decision process. By dividing the project, the FASB can set guidance for consistent decisions about disclosure requirements during its standard-setting process and guide reporting entities when make its own disclosure decisions. With the fact sheet, the FASB has answered nine frequently asked questions, such as defining the objective and goal, of the project. The fact sheet is available on the FASB's Web site.

In addition, the FASB discussed during its recent Board meeting the development of its framework for interim reporting and disclosures and proposed changes to the decision questions in its discussion paper (see Deloitte’s October 10, 2013, Accounting Journal Entry: Disclosure framework — FASB discusses interim disclosures and changes to certain decision questions, for more details on the meeting).

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