The FASB has released a proposed chapter, “Recognition and
Derecognition” (Chapter 5), of Concepts Statement No. 8, Conceptual Framework for
Financial Reporting. The proposed chapter would establish a framework for
developing standards on the basis of “recognition and derecognition criteria and
guidance on when an item should be incorporated into and removed from financial
Comments on the proposal are due by February 21, 2023. For more information, see the
press release on the FASB’s Web site.