FASB Holds July 27 Meeting
July 29, 2022
At its July 27, 2022, meeting, the FASB discussed its projects on the following topics:
- Segment reporting — The Board tentatively decided that public entities should (1) disclose the title and position of their chief operating decision maker (CODM), (2) “disclose the nature of the expense information that the CODM uses to manage operations if [the entities do] not disclose significant expense categories and amounts under the significant expense principle for one or more of [their] reportable segments,” and (3) be permitted to “report multiple measures of a segment’s profit or loss.” In addition, the Board directed its staff to draft a proposed Accounting Standards Update (ASU) for a vote by written ballot.
- Disaggregation — income statement expenses — The Board covered its outreach on this topic, including feedback received, and discussed the next steps in the project.
- Interim reporting — narrow-scope improvements — The Board redeliberated its proposed ASU Disclosure Framework — Changes to Interim Disclosure Requirements and tentatively decided that a “disclosure principle should be developed leveraging the language (including the deleted language) in U.S. Securities and Exchange Commission Regulation S-X, Rule 210.10-01(a)(5), Interim Financial Statements — Condensed Statements.”