On Nov. 13, the FASB proposed an accounting standards update (ASU) to improve clarity in interim reporting disclosures.
This "narrow scope" update will refine existing requirements in Topic 270, Interim Reporting, without changing the core of interim reporting.
The amendments introduce a comprehensive list of required disclosures and a principle mandating disclosure of material changes post-fiscal year-end.
FASB is accepting public comments on the proposed ASU through March 31, 2025, and anticipates issuing additional standards and exposure drafts by year-end.