PwC broadly supports the Disclosure Framework project, but suggests areas for further refinement.
PwC submitted comments on the FASB’s exposure draft of the Conceptual Framework for Financial Reporting: Notes to Financial Statements (the “Proposal”). The Proposal is intended to make financial statement disclosures more effective and less redundant. It details a framework to be used by the Board in its standard-setting activities for determining what information is relevant to the users of financial statements and should be included in the notes. The Notes Framework will not only be used as a basis for establishing future disclosure requirements, but can be used to evaluate existing disclosures.
The exposure draft focuses on:
We provided comments noting that we are broadly in support of the Disclosure Framework project as well as areas where the exposure draft could be further refined. Key themes of our response include: