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FASB initiates 'Disclosure Framework' project
The FASB announced the addition of a new FASB agenda project aimed at establishing an overarching framework intended to make financial statement disclosures more effective, coordinated, and less redundant. The project was added in response to requests and recommendations received from several constituents, including the Investors Technical Advisory Committee (ITAC) and the SEC Advisory Committee on Improvements to Financial Reporting (CIFR).
The Board will embark on this project to create a principles based disclosure framework that will enable companies to communicate more effectively with investors and also help eliminate redundancy or otherwise outdated GAAP disclosure requirements. The FASB expects to begin deliberations this quarter and plans to issue a preliminary views document in the first half of 2010 .
Click here for the News Release.
8 July 2009