FASB Offers Q&A Fact Sheet on Disclosure Framework
- What is the board's decision process?
- Is the primary goal of the Disclosure Framework project to reduce the volume of the notes to financial statements?
- Don't existing disclosure requirements lead to unnecessary volume?
- Will the board's decision process require preparers to disclose predictions and forecasts of future cash flows?
- Will disclosure overlap between US Generally Accepted Accounting Principles (GAAP), US Securities and Exchange Commission (SEC) rules, and other regulatory requirements be eliminated?
- Will the board's decision process address interim reporting?
- How are investor concerns being taken into account in the project?
- How does the Disclosure Framework project relate to private companies?
- What types of organizations have registered for the field study?
The FASB is in the process of conducting a field study to test public, private, and not-for-profit organizations' abilities to exercise discretion over which disclosures they provide in notes to financial statements, the FASB stated on the Disclosure Framework project page on its website , which was updated October 10.