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Disclosure framework — Board's decision process

The objective of this project is to improve the effectiveness of disclosures in notes to financial statements by clearly communicating the information that is most important to users of each entity’s financial statements.

 

Meeting minutes

FASB discussions regarding this project are found in the following meeting minutes:

  • May 2, 2018 — The Board discussed its views on the draft of proposed FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting — Chapter 8, Notes to Financial Statements.
  • March 21, 2018 — The Board made several decisions and completed its redeliberations of (1) proposed FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting — Chapter 8, Notes to Financial Statements, and (2) proposed amendments to FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting — Chapter 3, Qualitative Characteristics of Useful Financial Information. The Board directed its staff to draft final versions of both for a vote by written ballot.
  • November 1, 2017 — The Board discussed issues related to its proposed FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting.
  • October 4, 2017 — The Board discussed issues related to its proposed FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting.
  • July 19, 2017 — The Board discussed its proposed FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting.
  • November 19, 2014 — The Board discussed whether and how the discussion of materiality in FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting, should be modified.
  • September 10, 2014 — The Board discussed a summary of comments received on its March 2014 exposure draft.
  • November 6, 2013 — The Board discussed its approach for requiring annual disclosures in interim financial reports and whether the scope of the Board's decision process should explicitly include or exclude employee benefit plans.
  • October 9, 2013 — The Board decided to make additions and other changes to the its decision process and interim reporting.
  • August 7, 2013 — The Board discussed how its decision process can apply to not-for-profit entities and to discuss feedback on Chapter 2 of the FASB Invitation to Comment Disclosure Framework.
  • July 25, 2013 — The Board discussed the role of notes in financial reporting, disclosure requirements that overlap with SEC (or other securities regulators) requirements, and disclosure requirements that overlap with requirements outside the financial report.
  • June 19, 2013 — The Board discussed forward-looking disclosure information, decision questions in Chapter 2 of the FASB Invitation to Comment Disclosure Framework, and staff-suggested revisions to the technical plan.
  • February 13, 2013 — The Board discussed comments from the FASB Invitation to Comment Disclosure Framework.
  • April 25, 2012The Board discussed issues on (1) interim disclosures and (2) the costs and consequences of disclosure.
  • August 24, 2011 — The Board discussed the development of the disclosure framework discussion paper.
  • August 18, 2010 — The Board discussed the development of a proposed disclosure framework discussion paper.
  • July 8, 2009 — FASB chairman announced the disclosure framework project.

 

Current status

The FASB is in the process of reviewing the draft of Chapter 8.

 

Project milestones

Date Developments Comments
July 8, 2009 Added to the FASB's agenda.
July 12, 2012 Invitation to Comment — Disclosure Framework is issued. Comment deadline November 30, 2012.
March 4, 2014 Exposure Draft, Conceptual Framework for Financial Reporting: Chapter 8: Notes to Financial Statements, is issued by the FASB. Comment deadline July 14, 2014.
September 24, 2015
Comment deadline December 8, 2015.

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