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On the Horizon -- FASB proposes Concepts Statement on presentation

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FASB
     Proposed Concepts Statement on presentation released
     Boards to present joint webcast on implementing new revenue standards



FASB

Proposed Concepts Statement on presentation released

The Board issued the proposed Concepts Statement, Conceptual Framework for Financial Reporting: Chapter 7: Presentation, which describes proposed concepts related to presenting information about recognized items in the financial statements. “Presentation” refers to how line items, totals, and subtotals are displayed in the financial statements.

The proposed guidance would provide the Board with a framework for developing accounting standards that summarize and communicate financial statement information in a way that enhances the relevance of the information and helps ensure that it is faithfully represented.

Comments on the proposal are due November 9.

For more information, refer to FASB in Focus, “Conceptual Framework for Financial Reporting: Chapter 7: Presentation.”

Boards to present joint webcast on implementing new revenue standards  

The FASB and the IASB will present a joint one-hour webcast on September 15 at 11 a.m. EDT that will provide an update on implementing the requirements in ASC 606 and IFRS 15, both titled Revenue from Contracts with Customers.  

Participants can register for the webcast and find additional information on the FASB website.



© 2016 Grant Thornton LLP, U.S. member firm of Grant Thornton International Ltd. All rights reserved. This Grant Thornton LLP On the Horizon provides information and comments on current accounting and SEC reporting issues and developments. It is not a comprehensive analysis of the subject matter covered and is not intended to provide accounting or other advice or guidance with respect to the matters addressed in this publication. All relevant facts and circumstances, including the pertinent authoritative literature, need to be considered to arrive at conclusions that comply with matters addressed in this publication. For additional information on topics covered in this publication, contact a Grant Thornton client-service partner.