There has been a demand from many government contractors to reduce the required number of footnote disclosures in financial reports. Businesses and users of financial statements have complained that the disclosure rules in U.S. Generally Accepted Accounting Principles (GAAP) are redundant, hard-to-follow, and sometimes unnecessary.
With the Disclosure Framework Project, the Financial Accounting Standards Board (FASB) is working on ways to improve the effectiveness of disclosures in notes to financial statements for public and private companies, as well as nonprofit organizations. The objective is to clearly communicate information that is most important to users of financial statements with an emphasis on …read more
Read more here: Government Contracting