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
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