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FASB approves new disclosures for government assistance

Defining Issues | November 2021

KPMG reports on ASU 2021-10, requiring new annual disclosures for entities receiving government assistance.

ASU 2021-10 requires business entities to disclose information about certain government assistance they receive.


ASU 2021-10

  • All business entities, except not-for-profit entities and employee benefit plans.

Relevant dates

  • November 17, 2021 – FASB issues final ASU

Effective date and transition

All entities

Annual periods – Fiscal years beginning after

December 15, 2021

Interim periods – In year of application


Early application permitted?


Key Impacts:

    • Requires disclosure related to certain types of government assistance
    • Does not provide a recognition and measurement model
    • Applies to entities that account for government assistance by analogy to a grant or contribution model

    Report contents

    • Applicability
    • Fast facts, impacts, actions
    • Background
    • Scope
    • Disclosures
    • Effective date and transition

    Download the document:

    FASB approves new disclosures for government assistance

    Download PDF

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