FAIRFIELD, Conn. (3/5/14)--The Financial Accounting Standards Board (FASB) is seeking comment on a proposed chapter of FASB's conceptual framework that is intended to improve its evaluation of existing and future disclosure requirements in notes to financial statements.
The proposal falls under the larger framework of FASB's project to improve the overall effectiveness of financial statements. FASB's ongoing disclosure project is a bid to create disclosures that clearly communicate vital information to users of financial statements released by public firms, not-for-profit organizations, and private companies, such as credit unions.
The proposed framework released Tuesday addresses FASB's process for identifying relevant information and the limits on information that should be included in notes to financial statements.
The Credit Union National Association is reviewing the proposed framework and will be posting a Regulatory Call to Action in the coming days. The proposal can be found on the FASB website. Use the resource link.