The FASB on Monday, Dec. 8, issued an Accounting Standards Update (ASU) that aims to improve guidance on the navigability of required interim reporting disclosures.
“The ASU clarifies the applicability of the interim reporting guidance, the types of interim reporting, and the form and content of interim financial statements in accordance with generally accepted accounting principles (GAAP),” FASB Chair Richard Jones said in a news release.
According to the news release, the ASU does not change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements, which were determined when the disclosure requirements were initially issued.
The amendments in the ASU are effective for interim reporting periods within annual reporting periods beginning after Dec. 15, 2027, for public business entities. Read more.