Disclosure Framework—Interim Reporting
Last updated on July 17, 2014. Please refer to the Current Technical Plan for information about the expected release dates of exposure documents and final standards.
(Updated sections are indicated with an asterisk *)
The staff has prepared this summary of Board decisions for information purposes only. Those Board decisions are tentative and do not change current accounting. Official positions of the FASB are determined only after extensive due process and deliberations.
*OverviewThis page contains information pertinent to Disclosure Framework Project efforts on interim reporting. For specific details about the Board’s decision process, the entity’s decision process, or project work on Topic-specific disclosure reviews, please refer to the pages for each of those items at the links below:
|Board's Decision Process||Entity's Decision Process|
Topic Specific Disclosure Reviews:
|Fair Value Measurement||Defined Benefit Plans||Income Taxes||Inventory|
*Project ObjectiveThe objective and primary focus of the Disclosure Framework project is to improve the effectiveness of disclosures in notes to financial statements by clearly communicating the information that is most important to users of each entity’s financial statements. (Although reducing the volume of the notes to financial statements is not the primary focus, the Board hopes that a sharper focus on important information will result in reduced volume in most cases.)
Achieving the objective of improving effectiveness will require development of a framework that promotes consistent decisions about disclosure requirements by the Board and the appropriate exercise of discretion by reporting entities. The Board also is considering whether, and if so, how, to provide guidance to improve the organization, formatting, and style of the notes to financial statements.
The FASB staff has developed a “Q&A: FASB’s Disclosure Framework Project” fact sheet which can be viewed here.
*Decisions Reached at Last Meeting (May 28, 2014)The Board discussed whether and how interim disclosure requirements should be modified. The Board decided to amend Topic 270, Interim Reporting, to reflect that disclosures about matters required to be set forth in annual financial statements should be provided on an updated basis in the interim report if there is a substantial likelihood that the updated information would be viewed by a reasonable investor as significantly altering the “total mix” of information available to the investor.
*Tentative Board Decisions Reached to Date (as of July 17, 2014)The Board discussed whether and how interim disclosure requirements should be modified and decided the following:
- To amend Topic 270, Interim Reporting, to reflect that disclosures about matters required to be set forth in annual financial statements should be provided on an updated basis in the interim report if there is a substantial likelihood that the updated information would be viewed by a reasonable investor as significantly altering the “total mix” of information available to the investor.
At a future meeting, the Board will discuss a staff analysis of disclosure requirements that should be included in Topic 270 that considers the feedback received on the recently issued Exposure Draft, Conceptual Framework for Financial Reporting: Chapter 8 Notes to Financial Statements.
*Board/Other Public Meeting Dates
The Board meeting minutes are provided for the information and convenience of constituents who want to follow the Board’s deliberations. All of the conclusions reported are tentative and may be changed at future Board meetings. Decisions become final only after a formal written ballot to issue a final standard.
|*May 28, 2014||Board Meeting—Disclosure Framework—Interim Disclosures|
Postgraduate Technical Assistant
Postgraduate Technical Assistant