Four years ago, I wrote in this space about FASB’s then-new Disclosure Framework project. The stated goal of the project is “… to improve the effectiveness of disclosures in notes to financial statements by clearly communicating the information that is most important to users of each entity’s financial statements.” Achieving that goal requires both ensuring that important information is there and avoiding unimportant information as much as possible, in order to reduce the possibility that the important stuff is too difficult for readers to find.
