The FASB has issued a Q&A Fact Sheet designed to clarify its Disclosure Framework project. The goal of the project is to help accountants decide what disclosures clearly communicate the information that is the most important to users of financial statements for public and private companies, and not-for-profit organizations.
Separately, the International Accounting Standards announced that it has formed a new staff group to work on its own Disclosure Initiative to address concerns about how financial information is disclosed. The initiative brings together members of the IASB’s standard-setting team with the eXtensible Business Reporting Language (XBRL) team, which reflects the increasing importance of electronic filing of financial information.
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