Helping clients meet their business challenges begins with an in-depth understanding of the industries in which they work. That’s why KPMG LLP established its industry-driven structure. In fact, KPMG LLP was the first of the Big Four firms to organize itself along the same industry lines as clients.

How We Work

We bring together passionate problem-solvers, innovative technologies, and full-service capabilities to create opportunity with every insight.

Learn more

Careers & Culture

What is culture? Culture is how we do things around here. It is the combination of a predominant mindset, actions (both big and small) that we all commit to every day, and the underlying processes, programs and systems supporting how work gets done.

Learn more

FASB issues final ASU on disclosure changes

Defining Issues | October 2023

ASU 2023-06 updates US GAAP disclosures in response to the SEC’s disclosure update and simplification initiative.

The SEC’s August 2018 release, Disclosure Update and Simplification, referred certain of its disclosure requirements that overlap with US GAAP but provide incremental information to the FASB for potential incorporation into the FASB’s Accounting Standards Codification. Several of the FASB’s changes apply to private and not-for-profit entities in addition to public entities.


ASU 2023-06

  • All entities, with certain disclosure exemptions for entities other than public business entities.

Relevant dates

Effective date

Entities subject to the existing SEC disclosure requirements, including those preparing for sale or issuance of securities

All other entities
Each amendment will be effectiveAs of the effective date to remove the related disclosure from Reg S-X or S-K.Two years later
Early adoption allowed?NoYes

Main provisions

ASU 2023-06 incorporates into the Codification several disclosures and presentation requirements currently residing in SEC Regulations S-X and S-K. 

As a result, the ASU is not expected to significantly affect entities currently subject to these SEC requirements. However, certain disclosures currently presented outside the financial statements as a result of Regulation S-K may need to be relocated into the financial statements.

Conversely, the ASU adds requirements for private and not-for-profit entities, including new disclosures about:

  • Accounting policy for presentation of derivative instruments and their related gains and losses in the statement of cash flows
  • Assets mortgaged, pledged or subject to lien and the obligations collateralized
  • Amounts and terms of unused lines of credit and unfunded commitments
  • Material prior-period adjustments and the effect on retained earnings when there has been a change in reporting entity in interim period financial statements
  • Repurchase and reverse repurchase agreements

Disclosure of the weighted-average interest rates on short-term borrowings and repurchase liabilities is required only for public business entities.

If by June 30, 2027, the SEC has not removed the existing disclosure requirement from Regulations S-X or S-K, the corresponding disclosure pending requirement will be removed from the Codification and will not become effective for any entities. The ASU is applied prospectively.

Explore more

Meet our team

Image of Valerie Boissou
Valerie Boissou
Partner, Dept. of Professional Practice, KPMG US

Accounting Research Online

Access our accounting research website for additional resources for your financial reporting needs.

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP's Privacy Statement.

An error occurred. Please contact customer support.

Job seekers

Visit our careers section or search our jobs database.

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Office locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.