This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

FASB discusses going concern and disclosure framework

  • News default Image

Nov 07, 2013

At its meeting on November 6, 2013, the FASB discussed (1) feedback statements related to proposed Accounting Standards Update (ASU), “Disclosure of Uncertainties About an Entity’s Going Concern Presumption,” and (2) employee benefit plans and disclosures in interim reporting.

Going concern

After reviewing the feedback from comment letters on the proposed ASU, the Board agreed to redeliberate the following topics at its January 2014 meeting:

  • Initial disclosure threshold.
  • Management’s plans outside the ordinary course of business.
  • Disclosure requirements.
  • 24-month assessment period.
  • Substantial doubt threshold.
  • Applicability of substantial doubt to non-SEC filers.

For more information, please see Deloitte’s Accounting Journal Entry or the meeting minutes on the FASB's Web site.

Disclosure framework — Board’s decision process

The Board decided (1) which indicators should be used to assist the Board in evaluating whether an annual disclosure should be required for interim reporting periods and (2) employee benefit plans should be omitted from the scope of the Board’s decision process.

In addition, the Board decided to issue an exposure draft on disclosure framework — Board’s decision process.

For more information, please see Deloitte’s Accounting Journal Entry or the meeting minutes on the FASB's Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.