02 November 2012

FASB: Extended comment period related to the framework

The FASB has extended the comment period for its Invitation to Comment, Disclosure Framework until November 30, 2012 and for the staff paper, Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies, until November 9, 2012.

The paper, 'Disclosure Framework', asks for stakeholder input on ways to improve effectiveness of disclosures in notes to financial statements of public, private, and not-for-profit organisations.

"We realise that a substantial number of our stakeholders were affected by Hurricane Sandy and may have difficulty meeting the original deadline", said FASB Chairman Leslie F Seidman. "These stakeholders are encouraged to submit their written comments as soon as possible, but no later than November 30, 2012."

The staff paper, 'Private Company Decision-Making Framework: A Framework for Evaluating Financial Accounting and Reporting Guidance for Private Companies', outlines an approach for deciding whether and when to modify US GAAP for private companies.

FASB Chairman Leslie F Seidman stated: “We realise that a substantial number of our private company stakeholders were affected by Hurricane Sandy and may have been prevented from meeting the original deadline. These stakeholders are encouraged to submit their written comments as soon as possible, but no later than November 9, 2012. This will give everyone an opportunity to communicate their views, while providing the staff sufficient time to present its findings for deliberation by the Private Company Council (PCC) and the FASB at the PCC’s first public meeting on December 6.”

Press release - disclosure framework

Press release - private company decision-making framework

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