Dec 18, 2014
From the Financial Reporting Network
This edition of Defining Issues reports that the FASB recently began redeliberations and held a forum on financial disclosure to discuss the status of its Disclosure Framework project. A panel discussion included representatives from financial statement users, preparers, legal firms, auditing firms, and representatives from the FASB, SEC, and IASB. During redeliberations of the project, the FASB tentatively decided to revise its description of materiality in FASB Concepts Statement 8, Conceptual Framework for Financial Reporting – Chapter 1, The Objective of General Purpose Financial Reporting; and Chapter 3, Qualitative Characteristics of Useful Financial Information, to align it with a U.S. Supreme Court decision.