FASB Amends Disclosure Requirements in Light of SEC Guidance

The FASB has issued an Accounting Standards Update (ASU) that incorporates into the Codification certain incremental disclosure requirements introduced by the SEC as part of its disclosure update and simplification initiative. The Board expects that the ASU’s amendments will “clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations.”

For more information, see the press release on the FASB’s Web site.