The Financial Accounting Standards Board has released GAAP Taxonomy Improvements for two proposed Accounting Standards Updates, Interim Reporting (Topic 270): Narrow-Scope Improvements and Government Grants (Topic 832): Accounting for Government Grants by Business Entities. These proposed improvements are available for public review and comment.
The proposed ASU on Interim Reporting is designed to:
- enhance the user friendliness of the required interim disclosures and clarify when that guidance is applicable
- add a principle that would require entities to increase transparency regarding events that have a material impact on the entity
The proposed ASU on Government Grants would:
- establish and provide guidance for government grants related to both assets and income
- require a consistent initial recognition threshold for all government grants
To improve the process for creating and using XBRL-structured financial statements, the SEC encourages filers, investors, and other interested parties to visit www.fasb.org to review the ASUs and submit comments via email to xbrled@fasb.org through March 31, 2025. Please include the appropriate File Reference Number listed on the cover of the respective release notes.
Source:
FASB Staff Issues Proposed GAAP Taxonomy Improvements for Proposed Updates on Interim Reporting and Government Grants (fasb.org)
