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

Keeping client information safe in an age of scams and security threats

A look at the Dirty Dozen tax scams and ways to protect taxpayer information.

TECHNOLOGY Q&A

How to create maps in Excel 2016

Microsoft Excel 2016 has two new mapping capabilities. J. Carlton Collins, CPA, demonstrates how to make masterful 2D and 3D maps in Excel 2016.

QUIZ

News quiz: IRS enforcement, a hot job, and audit value

The IRS’s 2016 Data Book, a “hot job” of particular interest at this time of year, and insight into how executive and audit committees view the insights from financial statement audits received attention recently. See how much you know with this short quiz.