Conceptual Framework—Phase E: Presentation and Disclosure, including Financial Reporting Boundaries (Inactive)
Latest revisions: As of 4, February 2008 (Updated sections are indicated with an asterisk *)
This project update summarizes the project activities and decisions of the IASB and FASB (the Boards). It was prepared by the staff and is for the information and convenience of the Boards’ constituents. All decisions of the Boards are tentative, may change at future Board meetings, and do not change current accounting and reporting requirements. Decisions of the Boards become final only after extensive due process.
An objective of Phase E, Presentation and Disclosure, including Financial Reporting Boundaries, is to determine the concepts underlying display and disclosure of financial information, including the boundaries of such information, that will achieve the objective of general purpose financial reporting.
*Summary of Decisions Reached to Date
This phase is currently inactive. The Boards have not yet deliberated or made decisions regarding concepts for financial presentation and disclosure of financial information.
*Board/Other Public Meetings
The Boards expect that their joint conceptual framework project will benefit from their standard-setting projects and research being conducted by others on behalf of the Boards. Activities related to presentation and disclosure include the following:
Financial Statement Presentation
The joint IASB and FASB project on financial statement presentation is developing guidance for the presentation of information in the financial statements to enhance the usefulness of that information. For more information, visit:
Disclosure Framework and Management Commentary
The Canadian Accounting Standards Board has a project that is intended to provide guidance on determining disclosure requirements for accounting standards. For more information, visit http://www.acsbcanada.org/index.cfm/ci_id/20570/la_id/1.htm.
The IASB published a Discussion Paper, Management Commentary that addresses the role the IASB could play in improving the quality of management commentary that accompanies financial statements. The comment deadline was April 28, 2006. In December 2007, the IASB added a project to its agenda to develop the principles, qualitative characteristics, and essential content elements necessary to make management commentary reporting useful to investors. The final work product will be issued as a non-mandatory guidance document. View the Management Commentary project website.
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