FASB Continues Discussions on Disclosure Framework Project
During a discussion at last Wednesday’s meeting, the Financial Accounting Standards Board (“FASB”) made the following decisions on proposed FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8, Notes to Financial Statements: Nonprofits and private companies must be retained on the notes to financial statements. A discussion on the possible negative consequences of disclosures will be included. The disclosure of changes in line items not easily understood will be considered. The disclosure of alternative measures clearly useful in reviewing prospects for future cash flows will be considered. No disclosure objectives were established without giving specific requirements on how those objectives. Read More.
Decisions from FASB’s January 25 Meeting
In addition to making progress on its hedge accounting project , the Financial Accounting Standards Board (“FASB”) made decisions at its January 25 meeting on the following projects: Agenda Consultation. After reviewing feedback on its Invitation to Comment, Agenda Consultation, and discussing research to conduct on intangible assets, pensions and other postretirement benefit plans, and distinguishing liabilities from equity, the FASB made no technical decisions. The FASB plans to discuss feedback on reporting performance and cash flows at a later meeting. Disclosure Framework: Disclosure Review—Income Taxes. No technical decisions were made concerning the summary of comments the FASB received regarding the proposed Accounting Standards Update, Income Taxes. Read More.
Topics: Agenda Consultation, Disclosure Framework, Financial Accounting Standards Board "FASB", Income Taxes (Topic 740), Intangible Assets, Invitation to Comment, liabilities and equity, Other Postemployment Benefits "OPEB", pensions
Additional Income Tax Disclosures Proposed
The Financial Accounting Standards Board (“FASB”) wants to increase the disclosure requirements for income taxes. In its Proposed Accounting Standards Update, Income Taxes (Topic 740): Disclosure Framework – Changes to the Disclosure Requirements for Income Taxes, the FASB recommends all entities add the following disclosures: An explanation of a tax law amendment that is likely to impact the entity in a later period. Income or losses from ongoing operations previous to income tax expenses or benefits separated between domestic and foreign. Income tax expenses or benefits from ongoing operations separated between domestic and foreign. Income taxes paid separated between domestic. Read More.
Disclosure Framework Review Necessary before Finalizing Materiality Guidance
Before the Financial Accounting Standards Board (“FASB”) finalizes proposed changes to the materiality guidance, Russell Golden says the board must complete a thorough review of its disclosure framework project. Speaking recently at the Financial Accounting Foundation’s quarterly meeting, the FASB chairman told attendees that the standard setter plans to evaluate all phases of its project to update the disclosure requirements under U.S. generally accepted accounting principles (“U.S. GAAP”) by the end of the year. The review is expected to be finished by year’s end, with final changes to the materiality guidance scheduled for a 2017 release. In September, the FASB. Read More.