FASB Holds July 26 Meeting

At its July 26, 2023, meeting, the FASB redeliberated its proposed Accounting Standards Update (ASU) Improvements to Reportable Segment Disclosures and made tentative decisions related to the following topics:

• Matters related to the “significant expense principle.”
• Entities with a single reportable segment.
• Disclosure requirements related to multiple measures of a segment’s profit or loss.
• Recasting of prior-period information so that it conforms with information for the current period.
• Disclosure of significant changes in the methods of allocating expenses to segments.
• Effective date, transition (including disclosures), and early adoption.
• Cost-benefit analysis.

The Board directed its staff to begin drafting a final ASU for a vote by written ballot. For more information, see the tentative Board decisions and meeting handout on the FASB’s Web site.