FASB May Allow Private Banks To Reduce Disclosures

Law360, New York (May 01, 2012, 5:36 PM ET) -- Privately held banks may not be required to provide detailed information about some of their illiquid assets, the Financial Accounting Standards Board said Thursday as part of its review of generally accepted accounting principals.

FASB, the nation's top accounting regulator, issued a preliinary ruling at a Thursday board meeting that privately held financial institutions would be considered private companies and could be allowed to provide fewer disclosures in their financial statements. The accounting standards-setting agency is currently reviewing the disclosures that companies that do not report...
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