FASB Decisions on the Conceptual Framework Project
 

FASB Decisions on the Conceptual Framework Project

At its November 24th meeting, the FASB discussed Conceptual Framework: Presentation. The Board discussed factors (for example, characteristics of an item and activity from which the recognized item resulted) to help the Board establish standards for aggregating individual assets, liabilities, equity, revenues, expenses, gains, and losses into line items in the financial statements.  The Board decided that the factors recommended by the staff were appropriate but pointed out that not all of the factors can be applied in each set of financial statements because that would require more line items than can reasonably be presented.  Consequently, the Board directed the staff to consider how to weigh the factors in various circumstances and how practical considerations (such as space limitation and cost) should affect Board’s presentation decisions. (FASB.org)