NEWS RELEASE 09/05/13
REGISTRATION TO CLOSE FOR DISCLOSURE FRAMEWORK PROJECT FIELD STUDYNorwalk, CT—September 5, 2013—The Financial Accounting Standards Board (FASB) today announced that registration for a field study on disclosures in notes to financial statements will close on September 30, 2013. In May, the FASB announced that it was seeking public and private companies and not-for-profit organizations to participate in the field study.
The study will evaluate the use of discretion by reporting organizations when providing information in the notes to their financial statements. Reporting organizations selected to participate will be given a set of disclosure guidelines by the FASB staff. The organizations will be asked to change the notes to their financial statements based on those guidelines, and then report their findings back to the FASB staff. The FASB will not publicly attribute participant responses to their respective organizations.
Study participants also may be asked to take part in a field visit, conference call, or video conference with representatives of the FASB.
More information about the study can be found on the FASB website.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.