FASB Proposes Improvements to Disclosure Requirements Related to Income Statement Expenses

The FASB has issued a proposed Accounting Standards Update (ASU), Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The proposal would amend the guidance on the presentation of income statement expenses by requiring public business entities to further disaggregate these expenses in the footnotes to their financial statements.

Comments on the proposed ASU are due by October 30, 2023. For more information, see the press release on the FASB’s Web site.