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FASB proposes amendments to interim disclosure requirements

Defining Issues | November 2021

Proposed ASU would clarify interim disclosure requirements for more consistent disclosure across entities.


The proposed amendments are part of the FASB’s disclosure framework project to improve disclosure effectiveness. The proposals also address the removal by the SEC of language from Regulation S-X, Rule 10-01, Interim Financial Statements, which required disclosure on events that have occurred after the end of the most recent fiscal year that have a material effect on the registrant.

FASB adds to concepts statement with guidance on materiality and disclosures

Applicability

Proposed ASU, Disclosure Framework – Changes to Interim Disclosure Requirements

  • All entities that prepare interim financial statements and notes in accordance with US GAAP

Relevant dates

  • November 1, 2021 – FASB issued proposed ASU
  • January 31, 2022 – Comments due

Key impacts

    The proposed amendments would do the following:

    • provide guidance on the forms interim reporting in accordance with US GAAP can take;
    • define the contents of condensed financial statements;
    • clarify how entities should apply materiality judgments and introduce to US GAAP a ‘catch-all’ disclosure principle to determine which disclosures to provide at interim periods;
    • reorganize and reference all interim reporting requirements into ASC 270.

    Report contents

    • Fast facts, impacts, actions
    • Background
    • Proposed guidance
    • Effective dates and transition

    Download the document:

    Defining Issues : FASB proposes amendments to interim disclosure requirements

    Download PDF

    KPMG comment letter

    Download PDF

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    Partner, Dept. of Professional Practice, KPMG US

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