The GASB recently proposed to separate out disclosures of various types of assets to help users understand the types of assets. Due to the creation of new assets like lease assets and subscriptions assets in GASB 87 and 96 there have been questions about how disclosures should be presented. GASB’s proposal would separate out intangible assets, lease assets and subscription assets separately by their respective classes of assets. Comments are due January 5, 2024.
This blog will review the accounting, auditing and ethics standards issued or proposed during the 3rd quarter of 2023. We’ll also review some resources that were issued by various standard setters that can be useful.
Last month the FASB issued their investor outreach report which outlines the outreach performed by the FASB to get feedback from investors as part of their due process. This weeks blog takes a look at some of the statistics presented in the report.
The FASB has issued a new Concept Statement around the Reporting Entity. While concept statements are not authoritative GAAP they are the theory that underlies GAAP used by the board to develop ASUs.
At the end of July, the FASB proposed new disclosure requirements that would require public business entities to provide more disaggregated data around their income statement expenses. Unlike the recent income tax disclosure proposal, this proposal only impacts public business entities. It is in response to a request from investors to provide more granular information to assist users in understanding the company’s cash flows. Comments are due October 30.