Defining Issues | November 2021

 

Insight

FASB approves new disclosures for government assistance

KPMG reports on ASU 2021-10, requiring new annual disclosures for entities receiving government assistance.

ASU 2021-10 requires business entities to disclose information about certain government assistance they receive.

Applicability

  • All business entities, except not-for-profit entities and employee benefit plans.

Relevant dates

  • November 17, 2021 – FASB issues final ASU

Effective date and transition

All entities
Annual periods – Fiscal years beginning after December 15, 2021
Interim periods – in year of application N/A
Early application permitted? Yes

 

Key impacts

  • Requires disclosure related to certain types of government assistance
  • Does not provide a recognition and measurement model
  • Applies to entities that account for government assistance by analogy to a grant or contribution model

Report contents 

  • Applicability
  • Fast facts, impacts, actions
  • Background
  • Scope
  • Disclosures
  • Effective date and transition

Subscribe to our newsletter

Receive timely updates on accounting and financial reporting topics from KPMG.

Receive timely updates on accounting and financial reporting topics from KPMG.

ARO

Use our Accounting Research Online for financial reporting resources.

Use our Accounting Research Online for financial reporting resources.