FASB recently issued a proposed new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements.
If finalized by FASB, the proposed chapter, Chapter 6 of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting, would represent the completion of FASB's Conceptual Framework.
The proposed chapter provides concepts for FASB to consider when choosing a measurement system for an asset or a liability recognized in general-purpose financial statements.
FASB will accept comments on the proposed chapter through Wednesday, March 20.