FASB clarifies interim effective date for new disaggregation of income statement expenses standard for non-calendar year-end entities

FASB has published an Accounting Standards Update that clarifies for non-calendar year-end entities the interim effective date of Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.  

Public business entities are required to adopt the guidance in Update 2024-03 in annual reporting periods beginning after Dec. 15, 2026, and interim periods within annual reporting periods beginning after Dec. 15, 2027. Early adoption of Update 2024-03 is permitted.