NEWS RELEASE 11/02/12
FASB Statement on Financial Stability Board’s Report on Bank Risk DisclosuresNorwalk, CT, November 2, 2012—The Financial Accounting Standards Board (FASB) today issued the following statement in response to a report released on October 29 by the Financial Stability Board’s Enhanced Disclosure Task Force (EDTF) regarding the enhancement of voluntary risk disclosures of banks.
The FASB statement should be attributed to FASB Chairman Leslie F. Seidman.
“We applaud the efforts of the EDTF in their aim to improve the quality of timely risk disclosures to investors. We are pleased that other organizations are looking to improve the information regarding risk that is available to investors and other financial statement users. The FASB will consider the EDTF report, along with other stakeholder feedback, as part of our due process in determining how to move forward with our effort in enhancing risk disclosures.”
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.