Recent debate regarding the appropriateness of including forward-looking disclosures in financial statements has delayed the Financial Accounting Standards Board’s development of new accounting standards and disclosure requirements that could provide additional decision-useful information to investors. As the US SEC conducts its review of disclosure effectiveness, forward-looking information should be a necessary consideration of regulators. This report explores the challenge of drawing a dividing line between forward-looking information that belongs within the financial statements and forward-looking information that belongs outside the financial statements, given the evolution of US GAAP since the passage of the Private Securities Litigation Reform Act of 1995, which defines the term forward-looking information for US public companies.