Our new Accounting Brief, FASB Issues Clarifying Guidance on Interim Reporting, explains the requirements of Accounting Standards Update (ASU) 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which was issued by the Financial Accounting Standards Board (FASB) in December 2025.
The amendments in ASU 2025-11 clarify interim disclosure requirements, the form and content of interim financial statements and when 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.
