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2024

Year in Review — 2024

Quarterly Accounting Roundup
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Year in Review — 2024

Welcome to Quarterly Accounting Roundup: Year in Review — 2024. Over the past year, the FASB has issued Accounting Standards Updates (ASUs) on (1) disaggregation of disclosures about income statement expenses, (2) induced conversions of convertible debt instruments, (3) the determination of whether profits interest and similar awards are within the scope of ASC 718,1 and (4) removing concepts statement references from the FASB Accounting Standards Codification. The Board has also recently exposed for public comment proposed ASUs on a range of topics, including:
  • Accounting for environmental credits and environmental credit obligations.
  • Accounting for government grants.
  • Enhancements to the hedge accounting guidance.
  • Clarifications to the interim reporting requirements.
  • Improvements to the guidance on internal-use software.
  • Amendments to the accounting for share-based consideration payable to a customer.
  • Identifying the acquirer in a business combination.
  • A credit-loss-related practical expedient for private companies and certain not-forprofit entities.

Footnotes

1
For titles of FASB Accounting Standards Codification (ASC) references, see Deloitte’s “Titles of Topics and Subtopics in the FASB Accounting Standards Codification.”
2
IFRS 19, Subsidiaries Without Public Accountability: Disclosures.