FASB Aims to Reduce Financial Statement Disclosures
Addressing complaints from companies and their auditors over the workload of financial statements, the Financial Accounting Standards Board (“FASB”) has made the decision to no longer require companies to disclose information on quarterly reports that was previously stated on annual reports. Announced at its recent meeting, the FASB’s decision is an effort to improve financial statement disclosures, eliminate information repetition and minimize the reporting burden on companies. Per the decision, footnote disclosures in annual statements would be repeated in quarterly statements only if a “reasonable investor” viewed any new details as considerably altering the “total mix” of available information. If. Read More.