FASB Proposes Improvements to Interim Disclosure Requirements

The FASB has issued a proposed Accounting Standards Update (ASU), Disclosure Framework — Changes to Interim Disclosure Requirements. The proposed ASU would:

• “Incorporate a requirement that was previously included in SEC Regulation S-X that requires disclosure at interim periods when a significant event or transaction has occurred since the prior year-end that has a material effect on an entity.”
• “Clarify the presentation and disclosure alternatives for interim financial statements and notes in accordance with GAAP.”
• “Address feedback from stakeholders who requested that interim reporting requirements be clarified and consolidated into one Topic of the Codification.”

Comments on the proposed ASU are due by January 31, 2022. For more information, see the press release on the FASB’s Web site.