Mar 07, 2016
From the Financial Reporting Network
KPMG LLP recently commented on the proposed FASB ASU, Fair Value Measurement: Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which is one of the four disclosure reviews that will help the FASB to test the guidance in its proposed disclosure framework. KPMG expressed general support for the Board’s objective to improve the effectiveness of disclosures in the notes to the financial statements by facilitating clear communication of information that is most important to users of an entity’s financial statements, but commented on specific aspects of the proposal in which more clarity was required or the usefulness of some disclosures was unclear. KPMG also encouraged the Board to seek input from users of financial statements of employee benefit plans and not-for-profit organizations to evaluate what disclosures might be relevant to their needs.