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FASB begins project to develop disclosure framework

  • FASB (old) Image

12 Jul 2009

The US Financial Accounting Standards Board (FASB) has launched an agenda project to establish an overarching framework intended to make financial statement disclosures more effective in communicating, better coordinated, and less redundant.

The framework would 'enable all entities to focus on making more coherent disclosures in their annual reporting package, move away from what some assert has become a compliance exercise, and perhaps facilitate XBRL electronic tagging of information'. Some specific financial reporting areas the project will evaluate and address include whether the disclosure framework should:
  • Apply to all entities or perhaps exclude private or nonprofit entities
  • Apply to interim reporting
  • Focus only on high-level principles
  • Focus only on notes to financial statements or extend to ways to better integrate information provided in financial statements, MD&A, and other parts of a company's public reporting package.
The FASB expects to begin deliberations this quarter and plans to issue a preliminary views document in the first half of 2010. Click for FASB Press Release(PDF 20k).

 

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