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 for creating disclosure requirements in its standards. The document aims to provide a consistent approach for setting disclosure requirements, as well as help current and future board members consider the proper amount of information to require without companies having to disclose unnecessary information.
Expected in September, the final document will be based on the Proposed Statement of Financial Accounting Concepts No. 2014-200, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements.