Sep 5th 2013
By Jason Bramwell
The Financial Accounting Standards Board (FASB) on Thursday set September 30 as the registration deadline for participation in a field study on disclosures in notes to financial statements.
In May, the FASB announced it was seeking public and private companies and not-for-profit organizations to participate in the field study to evaluate the use of discretion by reporting organizations when providing information in the notes to their financial statements.
Reporting organizations selected to participate in the field study will be given a set of disclosure guidelines by the FASB staff. The organizations will be asked to change the notes to their financial statements based on those guidelines and then report their findings back to the FASB staff. The FASB will not publicly attribute participant responses to their respective organizations.
Study participants also may be asked to take part in a field visit, conference call, or video conference with representatives of the FASB.
Registration information can be found on the FASB website.