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Disclosure framework — Entity's decision process

The objective and primary focus 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 Board discussions regarding this project are found in the following meeting minutes:

  • 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 8, 2017 — The Board discussed materiality.
  • December 14, 2016 — The Board reviewed a summary of comments received on the proposed ASU, Notes to Financial Statements (Topic 235): Assessing Whether Disclosures Are Material, and the proposed amendments to FASB Concepts Statement, Conceptual Framework for Financial Reporting: Chapter 3—Qualitative Characteristics of Useful Financial Information. The Board also discussed the objectives for a public roundtable meeting on the disclosure framework.
  • March 2, 2016 — The Board discussed comments on its proposed ASU Assessing Whether Disclosures Are Material as well as the proposed amendments to its concepts statement Conceptual Framework for Financial Reporting: Chapter 3 — Qualitative Characteristics of Useful Financial Information.
  • July 29, 2015 —The Board discussed issues relating to the development of both a proposed ASU on Topic 235 and the ED on amendments to Chapter 3, Qualitative Characteristics of Useful Financial Information, of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting).
  • April 22, 2015 — After discussing the results of its outreach to auditors, the FASB made several decisions related to its March 2014 exposure draft and directed its staff to seek external review feedback on the draft of the proposed Accounting Standards Update (ASU).
  • May 28, 2014 — The Board discussed interim disclosure requirements.
  • April 4, 2014 — The Board discussed (1) results from the field study that was conducted to better understand the use of discretion in notes to financial statements and (2) next steps based on the field study findings.
  • 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 Board directed the staff to draft Chapter 3 and Chapter 8, “Notes to Financial Statements,” of Concepts Statement 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 Proposed ASU, Notes to Financial Statements (Topic 235): Assessing Whether Disclosures Are Material, is issued by the FASB. Comment deadline December 8, 2015.

Correction list for hyphenation

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