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FINANCIAL REPORTING

FASB extends comment deadline for disclosure framework

 

By Ken Tysiac
November 6, 2012

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.

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