On October 9, the FASB issued ASU 2023-06. It incorporates 14 rules disclosure requirements from the SEC and adds them to the Accounting Standards Codification. The ASU’s introductory section summarizes which among the 27 disclosures, issued in SEC Release No. 33-10532, Disclosure Update and Simplification, have been incorporated into FASB codification. The goal is to “clarify or improve disclosure and presentation requirements of a variety of codification topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the codification with the SEC’s regulations.”
In other exciting news, the FASB and the Accounting Standards Board of Japan (ASBJ) had a meeting on October 17 and 18, in Tokyo, Japan. This was the 33rd meeting in a series of meetings between the FASB and the ASBJ. They are working together to create high-quality global accounting standards. During the meeting, they discussed relevant items such as accounting for cryptocurrency and disaggregation of expenses in the income statement.
Finally, on October 3, the AICPA showed strong support for a new law introduced in the House of Representatives and the Senate that would add accounting to STEM education. They want to encourage more students to become interested in accounting. This law would make accounting a part of science, technology, engineering, and math education in schools from kindergarten to 12th grade.
Stay tuned for more updates next month!
