TENTATIVE BOARD DECISIONS

Tentative Board decisions are provided for those interested in following the Board’s deliberations. All of the reported decisions are tentative and may be changed at future Board meetings.

Wednesday, November 15, 2023 FASB Board Meeting

Interim reporting—narrow-scope improvements. The Board continued redeliberations on the 2021 proposed Accounting Standards Update, Interim Reporting (Topic 270): Disclosure Framework—Changes to Interim Disclosure Requirements.

  1. The Board agreed with the staff’s methodology for identifying interim disclosure requirements. Key aspects of the methodology include whether the word interim is used in the existing disclosure as well as consideration of references within current GAAP (including Topic 270) and source literature.
  2. The Board decided to include the following types of disclosure requirements in a list of interim disclosures:
    1. Disclosures that are specifically referenced in Topic 270 or explicitly required for interim periods in other Topics
    2. Disclosures that are supported by FASB documentation, such as Topic 270 general references, source literature, and internal documentation.

    The Board acknowledged that some event-driven disclosures are included in (a) and (b) above.

  3. The Board decided on a structure of the Codification amendments that would:
    1. Include all interim disclosures in a table in Topic 270
    2. Insert the word interim in each of the disclosure paragraphs deemed to be interim disclosure requirements in other Topics.
  4. The Board decided to:
    1. Remove duplicative disclosure references in Topic 270
    2. Repeat the guidance from paragraphs 270-10-45-6(a), 270-10-45-11, and 270-10-45-16 in Section 270-10-50
    3. Affirm the implementation guidance in paragraphs 270-10-55-1 through 55-2 in the 2021 proposed Update and move that guidance to Section 270-10-50
    4. Supersede paragraphs 220-10-50-2 through 50-3 and amend the disclosure frequency in paragraph 825-10-50-31.
  5. The Board decided to retain the recognition requirements in Section 270-10-45.
  6. The Board decided not to affirm the decision from the 2021 proposed Update to remove phrases such as for each period presented from disclosures in GAAP.
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