ESG: Regulations Summary

The FASB requested feedback on a proposed new Chapter 5: recognition and derecognition to Concepts Statement No. 8, Conceptual Framework for Financial Reporting. This will improve information understanding for existing and potential investors, lenders, contributors, and other resource providers of a reporting business. It establishes financial statement recognition, derecognition, and guidance standards. Stakeholders were requested to provide feedback on definitions, scalability, and faithful representation. Stakeholders have been asked to submit feedback on the proposed chapter by February 21, 2023.