Project Update

Disclosure Framework—Disclosure Review: Fair Value Measurement

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.

*Overview
*Objective
*Next Steps
*Board/Other Public Meeting Dates
*Contact Information
 

*Overview

This page contains information pertinent to the Topic-specific disclosure review of fair value measurement (820-10-50). For specific details about the Board’s decision process, entity’s decision process, or project work on interim reporting or other 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
:
Interim Reporting
Fair Value Measurement Defined Benefit Plans Income Taxes Inventory  

*Project Objective

The 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.

*Next Steps

A Topic-specific disclosure review will be conducted for Fair Value Measurement (820-10-50), which will include: (1) an evaluation of existing disclosure requirements within the Topic after applying the concepts in the Board’s decision process and (2) consideration of ways to promote the appropriate use of discretion specifically within the Topic.

The Board will discuss potential changes to the Topic disclosures on the basis of the concepts and decision questions in the recently issued proposed FASB Concepts Statement, Conceptual Framework for Financial Reporting Chapter 8: Notes to Financial Statements in a future non decision-making meeting.

*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.

*April 4, 2014 Board Meeting—Field Study Results and Next Steps

*Contact Information

Ron Lott
Research Director
rwlott@fasb.org

Nick Cappiello
Project Manager
ntcappiello@fasb.org

Jenifer Wyss
Project Manager
jjwyss@fasb.org

Sean May
Industry Fellow
srmay@fasb.org

Danika Tibbetts
Postgraduate Technical Assistant
drtibbetts@fasb.org

Kelsey Jensen
Postgraduate Technical Assistant
kpjensen@fasb.org