The Financial Accounting Standards Board announced that registration for a field study on disclosures in notes to financial statements will close Sept. 30, 2013.
In May, the FASB announced it was seeking public and private companies and not-for-profit organizations to participate in the field study, which will evaluate the use of discretion by reporting organizations when providing information in the notes to their financial statements.
Reporting organizations selected to participate in the study will be given a set of disclosure guidelines by the FASB staff, which they will follow to change the notes to their financial statements, and then report those findings back to the FASB staff. The FASB will not publicly attribute participant responses to their respective organizations.
Additionally, study participants may be asked to participate in a field visit, conference call or video conference call with FASB representatives.
More information about the study can be found on the FASB website.
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