FASB issues an invitation to comment on disclosure framework

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12 Jul 2012

The Financial Accounting Standards Board (FASB) has issued an Invitation to Comment, Disclosure Framework. The Invitation to Comment is the first step in gathering input from stakeholders on ways to improve the effectiveness of disclosures in notes to financial statements of public, private, and not-for profit organisations.

In the Invitation to Comment, the FASB outlines the following:

A decision process that could aid the Board in establishing disclosure requirements that address relevant information and only relevant information

Flexible disclosure requirements that could be adapted by each reporting organization to focus on information that is relevant in its specific circumstances

A judgment framework that could help each reporting organization determine which disclosures are relevant in its specific circumstances

Organization and formatting techniques that could make the information users need easier to find and understand.

In addition, disclosure requirements for interim period financial statements are discussed.

Comments are due by 16 November 2012.

This announcement coincides with the discussion paper on a disclosure framework for IFRSs issued jointly by European Financial Reporting Advisory Group (EFRAG), the Autorité des Normes Comptables (ANC) in France, and the Financial Reporting Council (FRC) in the United Kingdom. The FASB has cooperated with the staffs of the EFRAG, the ANC, and the FRC as the FASB invitation to comment and the joint discussion paper were created, and will continue to meet with them periodically and share information as their respective projects proceed.

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