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FASB proposes changes to interim disclosure requirements

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

Nov 01, 2021

On November 1, 2021, the Financial Accounting Standards Board (FASB) issued Proposed Accounting Standards Update, "Interim Reporting (Topic 270): Disclosure Framework—Changes to Interim Disclosure Requirements". The proposed Update would modify the disclosure requirements for interim financial reporting. Comments are requested by January 31, 2022.

The proposed ASU is part of the FASB’s disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements. It would update FASB Accounting Standards Codification Topic 270, Interim Reporting, which clarifies the application of accounting principles and reporting practices for entities preparing interim financial statements and notes in accordance with Generally Accepted Accounting Principles (GAAP). The amendments to Topic 270 would apply to all entities that provide interim financial statements and notes in accordance with GAAP.

Review the press release and exposure draft on the FASB's website.

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