FASB extends comment deadline for disclosure framework

BY KEN TYSIAC

In recognition of the damage caused by Hurricane Sandy, FASB has extended the comment deadline for its disclosure framework project to Nov. 30.

The deadline for comments on its Invitation to Comment on a disclosure framework had been Nov. 16. The objective of the project is to improve effectiveness of disclosures in notes to financial statements of public, private and not-for-profit organizations.

“We realize that a substantial number of our stakeholders were affected by Hurricane Sandy and may have difficulty meeting the original deadline,” FASB Chairman Leslie Seidman said in a statement.

Previously, FASB extended the deadline for comments on its private company decision making framework project to Nov. 9 from Oct. 31. FASB set the Nov. 9 deadline for that project to allow the new Private Company Council time to review comments in advance of its first meeting Dec. 6.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA senior editor.

SPONSORED REPORT

"We need to talk."

Start a conversation with your clients using these questions and checklist for post busy-season business development.

NEWS

Revenue recognition revisited

A reexamination of new revenue recognition rules has led to tinkering with the standard that is considered the biggest achievement of the convergence efforts of FASB and the International Accounting Standards Board.

INTERVIEW

Staying focused at the top

Olivia Kirtley, CPA, CGMA, an accomplished corporate director with almost 20 years of experience serving on boards, talks about strategic, risk, and compliance issues that keep board members up at night.