REGISTRATION OPENS FOR DISCLOSURE FRAMEWORK PROJECT FIELD STUDY
Norwalk, CT, May 30, 2013—The Financial Accounting Standards
Board (FASB) today said that it is seeking public and private companies and
not-for-profit organizations to participate in a field study on disclosures in
notes to financial statements. Interested organizations should register
for the study at www.fasb.org.
The study will evaluate the use of discretion
by reporting organizations when providing information in the notes to their
financial statements. Reporting organizations selected to participate in the
study will be given a set of disclosure guidelines by the FASB staff. The
organizations will be asked to change the notes to their financial statements
based on those guidelines, and then report their findings back to the FASB
staff. At no time will the FASB publicly attribute participant responses to
their respective organizations.
In addition to the above, study
participants also may be asked to take part in a field visit, conference call,
or video conference with representatives of the FASB. More information about the
study can be found on the FASB
website.
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 http://www.fasb.org/.