In August 2018, the FASB issued Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements. The purpose of this project is to identify a broad range of possibilities for the board to consider when it makes disclosure rules related to particular topics.

1. An issue arose in deliberations of this exposure draft related to whether the FASB should require disclosure of alternative measures. For example, an entity would record the historical cost of an asset on the face of the balance sheet but be required to disclose its fair value. What are the pros and cons of requiring alternative disclosures in some circumstances? What did the FASB decide?

2. Another issue in the deliberations related to whether future-oriented information should be included in the disclosures to the financial statements. Why were some respondents opposed to including this information in the notes to the financial statements? What did the FASB decide?