Project Update

Disclosure Framework—Entity’s Decision Process

Last updated on April 7, 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. Please refer to the main Disclosure Framework project page for additional information related to all aspects of the Disclosure Framework project.

*Field Study
Due Process Documents
Tentative Board Decisions
*Next Steps
*Board/Other Public Meeting Dates
Contact Information

*Field Study

The FASB conducted a field study which tested the ability of public and private companies and not-for-profit organizations to exercise discretion over which disclosures they provide in notes to financial statements. The FASB staff presented the results of this field study and next steps based on the field study findings at the April 4, 2014 Board Meeting.

Due Process Documents

On July 12, 2012, the Board issued Invitation to Comment – Disclosure Framework. The original due date for comment letters was set for November 16, 2012 but due to Hurricane Sandy the comment period was extended two weeks to November 30, 2012.

Tentative Board Decisions (as of April 7, 2014)

The Board made the following decision:

  1.  The Board decided to separate the entity’s decision process and the Board’s decision process on the Board’s current technical plan to make clear that the two are separate issues and will be the subjects of separate Exposure Drafts.

*Next Steps

The staff will develop ways in which the Board can further promote the appropriate use of discretion. This will include exploring section-specific modifications in areas such as:

  1. Fair Value Measurement (820-10-50)
  2. Defined Benefit Plans (715-20-50)
  3. Income Taxes (740-10-50)

The staff also plans to examine those sections in the context of the Exposure Draft: Proposed Statement of Financial Accounting Concepts, Notes to Financial Statements. The findings based on the work in those sections may become a basis for modifications in other areas throughout the Codification.

The staff also plans to address interim disclosures in the near future.

*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
June 19, 2013 Board Meeting—Forward-Looking Disclosure Information, Decision Questions, and Changes to the Technical Plan
February 13, 2013 Board Meeting—Comment Letter Summary and Analysis of Comments and Possible Next Steps
April 25, 2012 Board Meeting —Interim Disclosures and Cost Consequence
August 24, 2011 Board Meeting—Decision Process for Disclosures about Line Items
August 18, 2010 Board Meeting—Objectives, Principles, and Criteria for Use in Setting Standards for Required Disclosures of Financial Information

July 8, 2009

Board MeetingAgenda Announcement

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

Kristan Hinn
Postgraduate Technical Assistant
kahinn@fasb.org

Danika Tibbetts
Postgraduate Technical Assistant
drtibbetts@fasb.org