Jul 21, 2014
From the Financial Reporting Network
KPMG LLP recently commented on the proposed FASB Statement of Financial Accounting Concepts, Conceptual Framework for Financial Reporting - Chapter 8: Notes to Financial Statements. The FASB would use the proposed disclosure framework to improve its process for evaluating future and existing disclosure requirements, including interim disclosures. The Exposure Draft also addresses the limits on information that should be included in notes to financial statements. KPMG supports the objective of developing a disclosure framework to help the Board establish more effective disclosure requirements, and suggested changes that would further strengthen the proposal.