On March 4, 2014, FASB issued an exposure draft on Conceptual Framework for Financial Reporting - Chapter
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1.A n issue arose in deliberations of this exposure draft related to whether FASB should require disclosure of alternative measures. For example, an entity would record the historical cost of an asset on the face of the balance sheet, but be required to disclose its fair value. What are the pros and cons of requiring alternative disclosures in some circumstances? What did FASB decide?
2. Another issue in the deliberations related to whether future- oriented information should be included in the disclosures to the financial statements. Why were some respondents opposed to including this information in the notes to the financial statements? What did FASB decide?
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Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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