FASB to Resume Quarterly Disclosure Project
After a three-year pause, the Financial Accounting Standards Board (“FASB”) will resume its project to improve the information companies disclose in quarterly financial statements. The FASB has held regular talks about the project, but the board has failed to discuss quarterly disclosure requirements since agreeing in January 2015 to amend Topic 270, Interim Reporting. Continuing the quarterly disclosure project is part of the FASB’s overarching goal of improving U.S. GAAP disclosure requirements and determining how it establishes disclosure requirements in accounting standards. Meanwhile, the FASB is close to publishing its disclosure framework that will be used as a reference guide. Read More.
FASB Still Working to Address Disclosure Overload in Financial Statement Footnotes
Since 2014, the Financial Accounting Standards Board (“FASB”) has been working to simplify U.S. GAAP disclosure requirements for financial statement footnotes. The project, which was released under Proposed Statement of Financial Accounting Concepts No. 2014-200, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, aimed to avoid writing rules that would lengthen a company’s financial statements without benefiting investors. Despite its efforts, the FASB has received frequent complaints from companies who were frustrated over the various disclosure requirements. Board representatives are also concerned about what they consider disclosure overload. They believed investors were becoming overwhelmed with additional information that. Read More.
Topics: Conceptual Framework Project, Disclosure Requirements, FASB, Financial Accounting Standards Board "FASB", Financial Statement Disclosures, Proposed Statement of Financial Accounting Concepts, U.S. GAAP