United States

FASB responds to SEC disclosure update and simplification

FINANCIAL REPORTING INSIGHTS  | 

In 2018 the SEC issued Release No. 33-10532, Disclosure Update and Simplification, which amended certain disclosure requirements that had become redundant, outdated or superseded. In this Release the SEC also referred certain of its disclosure requirements that overlap with, but require incremental information to, generally accepted accounting principles to the Financial Accounting Standards Board (FASB) for potential incorporation into its Accounting Standards Codification. After considering these referred disclosures, the FASB recently issued a proposed Accounting Standards Update (ASU), Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative.

If finalized, the proposed ASU would affect a variety of topics in the Codification. The proposed ASU is available for comment until June 28, 2019.