The Financial Accounting Standards Board (FASB) recently issued Accounting Standards Update (ASU) 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, to clarify interim disclosure requirements, the form and content of interim financial statements, and when ASC Topic 270 applies. The amendments in the ASU provide a list of specific interim disclosures that are required by generally accepted accounting principles (GAAP), which, together with the disclosure principle, represent the complete population of required disclosures in interim reporting periods. The intent of the disclosure principle is to help entities determine whether any disclosures not specified in Topic 270 should be provided in interim reporting periods. The FASB expects these clarifications will enhance consistency in reporting for all entities that prepare interim financial statements and notes in accordance with GAAP.
This Accounting Brief summarizes the guidance detailed in ASU 2025-11 in order to assist entities in their understanding of the amendments.
