FASB and CAQ Issue Forum Observations Summary

On December 12, 2012, the Financial Accounting Standards Board (FASB), in conjunction with the Center for Audit Quality (CAQ), issued a summary of observations from two forums on disclosure effectiveness. The forums were held at Columbia University's Center for Excellence in Accounting and Security Analysis in New York City on October 4, and at the Stanford University Graduate School of Business in Stanford, California, on October 8, 2012.

The forums were designed to encourage dialogue among a wide range of financial reporting stakeholders on improving the effectiveness of disclosures in notes to financial statements and other parts of the financial reporting package. The discussion focused on aspects of the FASB's recent Invitation to Comment on a disclosure framework as well as financial reporting issues beyond the scope of that document.
 
Forum participants - including financial statement preparers and users, corporate board and audit committee members, auditors, attorneys, regulators, standard setters, and academics - provided insight and feedback on a number of topics, including:
  • Flexibility of disclosure requirements
  • Role of the notes
  • Disclosure relevance to investors and creditors
  • Effect on the assessment of future cash flows to the investor
  • Streamlined disclosure in the current environment
  • Prescriptive nature of current accounting guidance
  • Overlap of notes and Management's Discussion and Analysis (MD&A)
  • Costs, benefits, and incentives for change
More information, including the summary of the forums and the FASB's Invitation to Comment on the disclosure framework project, is available at www.fasb.org.
 
Related article:
SOURCE: December 12, 2012, Financial Accounting Standards Board Press Release
 

You may like these other stories...

Planning has begun to determine the content, design, and structure of the next version of the Uniform CPA Examination – and the American Institute of CPAs (AICPA) is asking the accounting profession for its feedback on...
Read more from Larry Perry here and in the Today's World of Audits archive.As RMM (the combination of inherent and control risk) increases, more and better evidence is needed to evaluate financial statement assertions....
Treasury Secretary Lew to speak on tax reform, inversionsDamian Paletta of the Wall Street Journal wrote on Friday that Treasury Secretary Jacob Lew is planning a September 8 speech about a controversial corporate strategy...

Already a member? log in here.

Upcoming CPE Webinars

Sep 9
In this session we'll discuss the types of technologies and their uses in a small accounting firm office.
Sep 10
Transfer your knowledge and experience to prepare your team for the challenges and opportunities of an accounting career.
Sep 11
This webcast will include discussions of commonly-applicable Clarified Auditing Standards for audits of non-public, non-governmental entities.
Sep 18
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.