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.