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.
- 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
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.