FASB decides to begin a project to prescribe footnote disclosures about intangible assets and to undertake a separate multifaceted effort aimed at simplifying accounting standards and making guidance issued by FASB and other rulemakers more easily retrievable. In addition, the board, approves the floating of a prospectus that describes a proposed standard-setting effort on revenue recognition. If FASB decides later to formally begin a project on revenue recognition, it may issue not only accounting rules on the topic, but also re-examine related notions in concept statements, such as the definition of liability. In addition, it could deem it appropriate to work on a parallel standard-setting effort on liability recognition