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FASB Could Require Disclosures Even if They Duplicate SEC Requirements

Accounting Policy & Practice Report, 2013-08, Vol.9 (16), p.648

Copyright Bloomberg BNA Aug 2, 2013 ;ISSN: 1558-6642 ;EISSN: 1558-6669

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  • Title:
    FASB Could Require Disclosures Even if They Duplicate SEC Requirements
  • Author: Burkholder, Steve
  • Subjects: Accounting policies ; Disclosure ; Financial reporting ; Financial statement notes ; Financial statements
  • Is Part Of: Accounting Policy & Practice Report, 2013-08, Vol.9 (16), p.648
  • Description: The Financial Accounting Standards Board tentatively decided July 25 that it could call for disclosures in footnotes to the financial statements even if that information is required by the SEC or another regulator. More specifically, FASB, in its nascent disclosure framework project, could require such potentially duplicative or overlapping disclosures if the footnote disclosure rule improves financial reporting and passes a cost-benefit test. Unlike disclosures prescribed in generally accepted accounting principles, reporting under SEC rules on management's discussion and analysis is not audited. The tentative decision in FASB's high-priority disclosure reporting effort was one of several issues considered as the board took up more threshold questions in a project that so far does not have a defined timetable or end-point.
  • Publisher: Washington: Bloomberg BNA
  • Language: English
  • Identifier: ISSN: 1558-6642
    EISSN: 1558-6669
  • Source: ProQuest Central
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