Interim Reporting Disclosure Framework (2022 BDO Comment Letter)
BY ACCESSING THE FASB DOCUMENTS ON THIS SITE, YOU ACCEPT AND AGREE TO THESE FASB TERMS AND THE WEBSITE TERMS AS APPLIED TO YOUR USE OF THIS SITE OR ANY FASB LICENSED DOCUMENTS.
In 2021, the FASB proposed modifying the disclosure requirements for interim financial reporting. The proposed ASU is part of the FASB’s disclosure framework project to improve the effectiveness of disclosures in the notes to financial statements. The amendments to Topic 270 would apply to all entities that provide interim financial statements and notes in accordance with U.S. GAAP.
In our comment letter, BDO supports the FASB’s intent to improve the effectiveness of disclosures in the notes to interim financial statements by providing a disclosure principle and clarifying the presentation and disclosure alternatives that are available. We believe that the proposed amendments will improve financial reporting by codifying certain existing practices as well as providing clarifying guidance.
Editor's Note: Read about the FASB's 2024 proposal and our comment letter here.