The Financial Accounting Standards Board (FASB) recently issued the following Accounting Standards Updates (ASU) that amend and add various SEC paragraphs within the FASB Accounting Standards Codification (the Codification):
- ASU 2023-03, Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022, EITF Meeting, and Staff Accounting Bulletin Topic 6. B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock, which amends or supersedes various SEC paragraphs within the Codification to conform to past SEC staff announcements and guidance issued by the SEC, including Staff Accounting Bulletin No. 120. As no new guidance is provided, there is no transition guidance or effective date associated with this update.
- ASU 2023-04, Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121, which adds various SEC paragraphs to the Codification to reflect the guidance in SEC Staff Accounting Bulletin No. 121 on the safeguarding of crypto assets. As no new guidance is provided, there is no transition or effective date associated with this update.
