FASB Holds November 30 Meeting
December 2, 2022
At its November 30, 2022, meeting, the FASB discussed its projects on the following topics:
- Interim reporting — narrow-scope improvements — The Board redeliberated its proposed Accounting Standards Update (ASU) Disclosure Framework — Changes to Interim Disclosure Requirements and tentatively decided that the guidance in ASC 270-10-45 should apply only to “interim financial statements in accordance with GAAP” and not to “interim financial information that an entity may choose to provide.” In addition, the Board made tentative decisions related to application of certain guidance in ASC 270 for both SEC and non-SEC registrants.
- Targeted improvements to income tax disclosures — The Board discussed feedback on this project and made tentative decisions about income taxes paid and rate reconciliation as well as about certain disclosures previously exposed for comment. The Board directed its staff to draft a proposed ASU for a vote by written ballot.