FASB proposes amendments to interim disclosure requirements
Defining Issues | November 2021
Proposed ASU would clarify interim disclosure requirements for more consistent disclosure across entities.
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The proposed amendments are part of the FASB’s disclosure framework project to improve disclosure effectiveness. The proposals also address the removal by the SEC of language from Regulation S-X, Rule 10-01, Interim Financial Statements, which required disclosure on events that have occurred after the end of the most recent fiscal year that have a material effect on the registrant.
Applicability
Proposed ASU, Disclosure Framework – Changes to Interim Disclosure Requirements
- All entities that prepare interim financial statements and notes in accordance with US GAAP
Relevant dates
- November 1, 2021 – FASB issued proposed ASU
- January 31, 2022 – Comments due
Key Impacts:
The proposed amendments would do the following:
- provide guidance on the forms interim reporting in accordance with US GAAP can take;
- define the contents of condensed financial statements;
- clarify how entities should apply materiality judgments and introduce to US GAAP a ‘catch-all’ disclosure principle to determine which disclosures to provide at interim periods;
- reorganize and reference all interim reporting requirements into ASC 270.
Report contents
- Fast facts, impacts, actions
- Background
- Proposed guidance
- Effective dates and transition
Download the document:
FASB proposes amendments to interim disclosure requirements
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Valerie Boissou
Partner, Dept. of Professional Practice, and US-France Corridor Leader, KPMG US
Valerie Boissou
Partner, Dept. of Professional Practice, and US-France Corridor Leader, KPMG US