On November 13, 2024, FASB issued a second exposure draft to update and clarify interim reporting disclosure requirements in Accounting Standards Codification (ASC) 270. The proposed amendments would:
- Clarify that ASC 270 applies to all entities preparing interim financial statements.
- Create a comprehensive list within ASC 270 of required interim disclosures.
- Add a new disclosure principle to evaluate material changes or events that should be disclosed when those disclosure topics are not addressed in ASC 270.
- Clarify the form and content of interim financial statements, breaking out requirements for SEC registrants and other entities.
Download the PDF below to learn more about FASB’s proposed updates.
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