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.

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May/June 2019 exam