FASB has published a proposed Accounting Standards Update (ASU) that would improve the navigability of the disclosures that are required to be provided in interim reporting periods and clarify when that guidance is applicable and what disclosures are required to be provided in interim reporting periods.  

The proposed ASU is not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure requirements. Rather, the proposed ASU would provide clarity about the current interim reporting requirements. 

The amendments in the proposed ASU would: 

• Clarify that the guidance in Topic 270 applies to all entities that provide interim financial statements and notes in accordance with GAAP 

• Create a comprehensive list in Topic 270 of interim disclosures that are required in interim financial statements and notes in accordance with GAAP 

• Incorporate a disclosure principle, which is modeled after a previous SEC principle, that would require entities to disclose events and changes that occur after the end of the most recent fiscal year that have a material impact on the entity 

• Improve guidance about information included in and the format of interim financial statements 

Stakeholders are encouraged to review and provide input on the proposed ASU by March 31, 2025.