In 2014, we wrote an article in this column on the efforts and initiatives of the International Accounting Standards Board, the Financial Accounting Standards Board (FASB), and the United States Securities and Exchange Commission (US SEC) on how to improve disclosures in financial statements.
In September 2015, the US SEC released a formal request to various parties to obtain comments on how it can improve disclosure effectiveness. Meanwhile, the FASB proposed guidance in applying materiality to disclosures as part of its disclosure framework project which aims to improve notes in financial reporting.
May 222016