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At its December 16–17 meeting, the FASB’s Private Company Council (PCC) gave an update on the progress it has made over the past year with respect to the four priority projects on its current agenda: (1) short-term trade accounts receivable and contract assets, (2) debt extinguishments and modifications, (3) construction contractors’ presentation of contract assets and contract liabilities, and (4

The Audit Committee Brief focuses on the timely coverage of issues and insights important to audit committees.

The FASB has released ASU 2025-01, which revises the effective date of ASU 2024-03 (on disclosures about disaggregation of income statement expenses) “to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.”

The amendment in this Update clarifies the effective date of Update 2024-03, which is that public business entities are required to adopt the guidance...