FASB seeks comments on newly proposed interim reporting guidance

November 13, 2024

The proposed Accounting Standards Update (ASU) aims to improve and clarify aspects of existing interim reporting guidance and "is not intended to change the fundamental nature of interim reporting," according to a news release.

FASB is accepting public comments on the proposed ASU through March 31, 2025.

In addition to improving guidance about information to be included in interim financial statements and the format of those statements, the proposed ASU would:

Clarify that the guidance in Topic 270, Interim Reporting, applies to all entities that provide interim financial statements and notes in accordance with GAAP;

Create a comprehensive list in Topic 270 of interim disclosures that are required in interim financial statements and notes in accordance with GAAP; and

Incorporate a disclosure principle that would require entities to disclose events and changes that occur after the end of the most recent fiscal year that have a material impact on the entity.

[Journal of Accountancy]