more-arw search

FASB Seeking Feedback on Disclosure Framework

The Financial Accounting Standards Board is seeking input on a proposed framew

Disclosure has been the name of the financial game lately. A slew of reports have emerged in recent days highlighting the dismal state of corporate ethics and anti-corruption disclosure efforts among the world's leading financial institutions. A new initiative from the Financial

Disclosure has been the name of the financial game lately. A slew of reports have emerged in recent days highlighting the dismal state of corporate ethics and anti-corruption disclosure efforts among the world's leading financial institutions. A new initiative from the Financial Accounting Standards Board, however, might make at least one aspect of corporate disclosure a bit less opaque.

The FASB is seeking input on "ways to improve effectiveness of disclosures in notes to financial statements of public, private, and not-for-profit organizations." Stakeholders are invited to share their opinions on some of the following topics:

• Disclosure requirements that address only relevant information
• Flexible requirements reporting organizations can adapt to specific circumstances
• Judgment frameworks to determine relevant disclosures in specific circumstances
• Techniques to make information easier to find for users

"Many stakeholders have expressed concerns about the relevance and sheer volume of information in notes to financial statements, and that some information is either missing or difficult to find," said FASB Chairman Leslie F. Seidman. "Therefore, the FASB is looking to improve its own procedures for establishing disclosure requirements and to provide a way for reporting organizations to exercise judgment about which disclosures are relevant to them.

Topics: