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Disclosure framework — FASB decides to issue exposure draft

Published on: 08 Nov 2013

At its meeting this week, the FASB decided to issue an exposure draft by January 15, 2014, on the Board’s decision process for creating disclosure requirements. The proposal would provide a framework that promotes consistent decisions about the Board’s disclosure requirements to improve the effectiveness of entities’ communication of key information to financial statement users. For more information about the proposed framework, refer to the FASB’s July 2012 discussion paper.1

In addition, the Board decided which criteria it should use to help it determine whether annual disclosures would also be necessary for interim reporting periods. Further, the Board agreed that employee benefit plans would be excluded from its decision process and acknowledged that instead, when developing standards about disclosures, it should specifically consider whether those standards apply to employee benefit plans.

The proposal would have at least a four-month comment period, with comments due no earlier than May 15, 2014. For more information about the proposal, see the project page on the FASB’s Web site.


1     FASB Discussion Paper, Invitation to Comment — Disclosure Framework.

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