Project Update

Disclosure Framework—Disclosure Framework—Disclosure Review: Income Taxes

Last updated on October 3, 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.

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

*Project Objective and Overview

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. 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 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. To achieve this objective, the Disclosure Framework project comprises two components: the Board’s Decision Process and the Entity’s Decision Process.

The Board has decided to perform reviews of four areas that will incorporate both components of the Disclosure framework project. Therefore, each review 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.

This page provides updates on the disclosure review of Income Taxes (740-10-50). For information on the other three disclosure reviews, see the following:
  1. Defined Benefit Plans (715-20-50)
  2. Fair Value Measurement (820-10-50)
  3. Inventory (330-10-50)
Additionally, disclosure requirements for Interim Reporting are being evaluated for modifications.

The FASB staff has developed a “Q&A: FASB’s Disclosure Framework Project” fact sheet which can be viewed here.

Next Steps

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

Jaime Dordik
Assistant Project Manager
jadordik@fasb.org

Danika Tibbetts
Postgraduate Technical Assistant
drtibbetts@fasb.org

Kelsey Jensen
Postgraduate Technical Assistant
kpjensen@fasb.org