Academic journal article Journal of Accountancy

FASB and CICA Invite Comments on Disaggregated Information

Academic journal article Journal of Accountancy

FASB and CICA Invite Comments on Disaggregated Information

Article excerpt

The Financial Accounting Standards Board and the Canadian Institute of Chartered Accountants Accounting Standards Board jointly issued an Invitation to Comment titled Reporting Disaggregated Information by Business Enterprises. It marks the first time the FASB developed a comment document with another standard-setting body.

Standards on disaggregated information, both in the United States and in Canada, currently are being reconsidered. Analysts and others have raised concerns about the effects of recent changes in consolidation policy on the usefulness of reporting this information. These changes include ending the practice of excluding from consolidation those subsidiaries whose operations are not homogenous with their corporate parents.

"A shared objective of national and international standard-setting bodies," said FASB Chairman Dennis R. Beresford, "is to work together to 'internationalize' accounting standards, and an important step toward achieving that goal is for two or more countries to adopt a common improvement to their existing accounting standards."

The primary issues addressed in the invitation to comment include

1. Whether current industry and geographic segment requirements result in adequate informative disclosures. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.