FASB TO HOST ROUNDTABLE MEETINGS ON DISCLOSURE FRAMEWORK PROPOSALS
Norwalk, CT, January 12, 2017—The Financial Accounting Standards Board (FASB) will host two public roundtable meetings to discuss proposals related to its Disclosure Framework project. The meetings will be held on Friday, March 17, 2017, at the FASB offices located at 401 Merritt 7 in Norwalk, Connecticut.
The purpose of the roundtable meetings is to obtain feedback on whether the proposed FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements (Chapter 8) , is useful in identifying relevant disclosures. The FASB is also seeking feedback on whether the proposed changes related to materiality in the conceptual framework and the FASB Accounting Standards Codification® would improve the effectiveness of disclosures.
The Board tentatively plans to discuss the proposed concepts in Chapter 8 and the related application of those concepts on Topic level projects from 9:00 a.m. to 11:30 a.m. Eastern Daylight Time (EDT) and materiality from 1:00 p.m. to 3:00 p.m. EDT (Please note that Topics and times are subject to change, depending on the number of participants and level of interest in each Topic).
Comment letter respondents to the Exposure Draft of Chapter 8 or any of the four Topical reviews are eligible to participate in the first roundtable session. The Topical reviews are:
- Proposed Accounting Standards Update, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement
- Proposed Accounting Standards Update, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans
- Proposed Accounting Standards Update, Income Taxes (Topic 740): Disclosure Framework—Changes to the Disclosure Requirements for Income Taxes
- Proposed Accounting Standards Update, Inventory—(Topic 330): Disclosure Framework—Changes to the Disclosure Requirements for Inventory
To ensure that a variety of perspectives is received, the Board currently is seeking participation from preparers, auditors, investors, and others. Those interested in participating in one of the roundtables should register online by February 27, 2017. Nonparticipating observers also should register in advance (seating is available on a first-come, first-served basis).
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.