Keeping up with exploding disclosures

FASB recently took a step to better address principles for disclosures in multiple new and proposed Accounting Standards Updates and changes to the conceptual framework released in August 2018.

“A new Chapter 8, of Concepts Statement 8, Notes to Financial Statements, provides a decision-making framework for FASB to follow in establishing disclosure requirements to more clearly align disclosures required by U.S. GAAP with the needs of financial statement users,” writes Laura Hay, CPA, CAE, in the May/June issue of CPA Voice.

She goes on to write that with the release of the changes, the board expressed intent to determine a narrower set of disclosures with consideration of whether the potential benefits to users justify the costs, initially focusing on fair value, employee benefit plans, inventory and income taxes.

Read the full story online now.MayJune_Voice_2019

Don’t miss this convenient, self-study CPE – Now free!

Did you know that reading CPA Voice can help you satisfy your CPE requirement? No matter your location or the time of day – and even without the benefit of electricity – you can gain CPE credit with each issue.

Every edition includes a 12-question self-assessment exam covering content from that issue. Receive a grade of 75% or higher and you’ll earn one hour of CPE credit in specialized knowledge.

Best of all, you can take the exam when and where it’s convenient for you. Exams remain available online – and may be completed for CPE – through the same month of the following year.

May/June 2019 exam

Leave a comment