Today (April 14) is the comment deadline on the FASB-IASB Discussion Paper entitled Preliminary Views on Financial Statement Presentation. A Discussion Paper is presursor to a formal proposed standard, and is a means by which FASB and the IASB seek preliminary views on a matter, generally indicating the direction the boards are headed in terms of a future proposal.
FEI's Committee on Corporate Reporting (CCR) filed its comment letter on the FASB-IASB Discussion Paper this evening (see FEI CCR comment letter). (Note: FEI CCR also filed a preliminary comment letter on this project in February, with more detailed comments in the letter filed today.) As of 5pm EDT 122 comment letters have been posted on FASB's website, and more are in the process of being posted.
A 'Radical' Change
The changes to the financial statements described in the 126-page Discussion Paper released by FASB and the IASB for a six-month comment period last fall (see also this six-page Snapshot published by FASB-IASB) were described in advance of their release as a 'radical new format' in the article A New Vision for Accounting by Alix Stuart in CFO Magazine in Feb. 2008, and described as a 'radical' change by then-Wall Street Journal (now, Bloomberg) reporter David Reilly in his May 15, 2007 article originally published in the Wall Street Journal, with an archived version of the article available on SmartPro's website, Profit Could Be Lost With New Accounting Statements.
A good way to familiarize yourself with the FASB-IASB Discussion Paper, besides reading the FASB-IASB Snapshot, is by tuning into FASB's archived webcast which was originally presented on Jan. 27, 2009. The webcast runs for an hour, and you can immediately download the accompaning slides by registering for the webcast and clicking to run it. (According to FASB's website, the archived webcast will be available until June 30, 2009.)
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Tuesday, April 14, 2009
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