November saw notable developments in accounting standards, highlighting the profession’s dedication to transparency, improved financial reporting, and stakeholder alignment.
The FASB issued several key updates, including ASU 2024-03 on expense disaggregation for public companies, effective in 2026, and an exposure draft addressing interim reporting disclosures. It also invited comments on whether financial KPIs like EBITDA should be standardized in GAAP statements. Additionally, a proposed standard on accounting for government grants aims to align with international practices, and ASU 2024-04 clarifies induced conversions of convertible debt.
In addition, AICPA Peer Review Board approved updates to align peer review standards with new quality management guidelines, incorporating risk-based considerations and technical clarifications. GASB also advanced its agenda, issuing exposure drafts on subsequent events and implementation guidance, while continuing to explore electronic financial reporting enhancements.
These updates reflect ongoing efforts to refine and modernize accounting standards to meet the evolving needs of the profession and its stakeholders.
