FASB issues ASU improving interim reporting guidance
Defining Issues | December 2025
The ASU amends 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 ASU clarifies interim reporting requirements by improving navigability of ASC 270 and more clearly specifying what disclosures are required in an interim reporting period.
Applicability
- ASU 2025-11
- All entities that prepare interim financial statements and notes in accordance with US GAAP
Relevant dates
| Effective date | Public business entities | All other entities |
| Interim periods – In fiscal years beginning after | December 15, 2027 | December 15, 2028 |
| Early adoption permitted? | Yes | Yes |
Key impacts
The amendments to ASC 270 are not intended to significantly change interim reporting or expand or reduce interim disclosure requirements. However, the ASU has three primary objectives:
- To specify the form and content choices for interim financial statements and accompanying notes;
- To incorporate a comprehensive list of required interim disclosures; and
- To introduce a disclosure principle to disclose events since the end of the previous annual reporting period that have material impact on the entity.
Report contents
- Source and applicability
- Fast facts, impacts, actions
- Background
- Amendments
- Effective dates and transition
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