The Financial Accounting Standards Board is making progress on its disclosure framework project, which aims to establish an overarching framework to help the board establish requirements for disclosures in notes to financial statements.
The goal of the project is to improve the effectiveness of disclosures by more clearly identifying and communicating the information that is most important to users of each organization’s financial statements. The framework is something that FASB will be using, not a standard that accountants outside FASB will necessarily be using. Still, the framework is something worth watching as it will influence the future work of the board, especially in the area of what goes into the footnotes to financial statements, and it may ultimately lead to an accounting standards update.
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