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Journal entry — FASB hosts roundtable on financial disclosures

Published on: Dec 02, 2014

Yesterday, the FASB hosted a roundtable forum to discuss financial disclosures. The roundtable consisted of panelists representing accounting standard setters, regulators, preparers, users, and members of the legal and audit professions. Panelists from the SEC, FASB, and IASB recapped their initiatives1 to promote effective disclosures, and the FASB sought feedback about factors that would contribute to effective disclosures.

Panelists agreed that there are numerous barriers to achieving disclosures that “tell a company’s story” (rather than solely comply with current rules) and that such barriers include litigation concerns and audit and regulatory requirements. Certain panelists acknowledged the difficulty of managing and synthesizing large of amounts of data in companies’ financial disclosures. But many panelists reiterated their belief that the outcome of any disclosure effectiveness project should be better presentation of financial information rather than fewer disclosure requirements. Panelists further noted that (1) technology should be harnessed to manage, summarize, and present financial information and (2) near-term improvements could be achieved by focusing on material and relevant matters in current disclosures.

 No decisions were made at the roundtable.


1 For more information on the FASB’s, SEC’s, and IASB’s disclosure projects, see Deloitte’s August 26, 2014, Heads Up.

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