Exposure Draft Issued for Presenting Items in Financial Statements
Moving forward on its conceptual framework project, the Financial Accounting Standards Board (“FASB”) has issued the Exposure Draft, Conceptual Framework for Financial Reporting: Chapter 7: Presentation. The proposal is intended to help financial statement users better evaluate future cash flows by addressing how to group individual items, and clarify the relationships between assets, liabilities, and equity and the impact of related changes of such assets and liabilities on income and cash flows.
Comments on the Exposure Draft are due Wednesday, November 9. More details can be found in the FASB press release.