FASB proposes improvements to interim reporting
Defining Issues | November 2024
The proposed ASU would amend ASC 270 to clarify interim reporting requirements and enhance consistency.

ASC 270 contains guidance on accounting and disclosure issues specific to interim reporting – i.e. for a period that is shorter than a fiscal year. The proposed ASU would clarify interim reporting requirements by improving navigability of ASC 270 and more clearly specify what disclosures are required in an interim reporting period.
Applicability
- All entities that prepare interim financial statements and notes in accordance with US GAAP
Relevant dates
- Exposure draft issued November 13, 2024
- Comments due March 31, 2025
Key impacts
The proposed amendments to ASC 270 are not intended to significantly change interim reporting or expand or reduce interim disclosure requirements. However, the proposed ASU has three primary objectives:
- specify the form and content choices for interim financial statements and accompanying notes;
- incorporate a comprehensive list of required interim disclosures; and
- introduce a disclosure principle to disclose events and changes since the end of the previous annual reporting period which have material impact on the entity.
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