Thursday, July 1, 2010

FASB, IASB Release 'Staff Draft' of Proposal on Financial Statement Presentation

In a special "Action Alert" issued earlier today, FASB and the IASB announced the release of a "Staff Draft" of their upcoming Exposure Draft of significant proposed changes to financial statements, as part of the Financial Statement Project.

The boards note in today's announcement that outreach activities they plan to issue the ED in early 2011, and plan to engage in the outreach activities during the next six months, focusing on two areas:

1. The perceived benefits and costs of the proposals
2. The implications of the proposals for financial reporting by financial services entities.

In particular, the staff plans to:
1. Ask users of financial statements to evaluate how the proposed changes to the organization of, and information presented in, financial statements would benefit their analysis and resource allocation decisions.
2. Ask preparers of financial statements to evaluate the effort and cost involved in adopting these proposed changes in their unique circumstances.
3. Meet with preparers and users of the financial statements of financial services entities to discuss the proposed changes.
4. Gather additional information about benefits and costs by doing more field work on the proposals in the staff draft, including additional field testing, experimental research, or both.

As to timing of release of the actual Exposure Draft (ED), FASB and the IASB say they expect to publish the Exposure Draft (ED) in early 2011.

While an "Staff Draft" is not a formal request for comment (as opposed to the release of a formal Exposure Draft or ED), today's FASB/IASB announcement adds:"While neither the FASB nor the IASB is formally inviting comments, they welcome input from interested parties.

Links to Staff Draft, Related Info
Introduction to the Staff Draft (9 pages)
Staff Draft of an Exposure Draft on Financial Statement Presentation (155 pages)

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Nice post with awesome points! Can’t wait for the next one.

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