The Financial Accounting Standards Board and the International Accounting Standards Board are revealing further details about their long-stalled plans for creating a Disclosure Framework to help accountants decide on which notes to include with financial statements.
In response to questions from various stakeholders, FASB said Thursday that its staff has created a Q&A fact sheet consisting of questions and answers that should help clarify the facts about FASB’s Disclosure Framework project (see Accounting Boards Work to Cut Disclosure Overload). The project is designed to lead to disclosures that clearly communicate the information that is the most important to users of financial statements for public and private companies, and not-for-profit organizations.
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