FASB proposes amendments to interim disclosure requirements
Defining Issues | November 2021
Proposed ASU would clarify interim disclosure requirements for more consistent disclosure across entities.
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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