The Financial Accounting Standards Board has issued a draft version of its long-awaited Disclosure Framework, aimed at improving its process for evaluating existing and future disclosure requirements in the notes to financial statements.
The exposure draft, Conceptual Framework for Financial Reporting: Chapter 8: Notes to Financial Statements (Concepts Statement), Concepts Statement, is the result of a broader project at FASB to improve the effectiveness of notes to financial statements. The document addresses the board’s process for identifying relevant information and the limits on information that should be included in notes to financial statements. If approved, the Disclosure Framework would become part of FASB’s Conceptual Framework, which provides the foundation for making standard-setting decisions.
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