Last updated on June 6, 2022. Please refer to the Current Technical Plan for information about the expected release dates of exposure documents and final standards.
(Sections updated on the date above are indicated with an asterisk *)
Objective:The objective of the Interim Reporting—Narrow-Scope Improvements (formerly known as the Disclosure Framework: Disclosures—Interim Reporting) project is to improve the Codification guidance in Topic 270, Interim Reporting, by clarifying when the guidance in Topic 270 is applicable and improving the navigability of the required interim disclosures.
Background:This project began as part of the overall disclosure framework project in 2014. The objective of the disclosure framework project was to improve the effectiveness of disclosures in notes to financial statements by facilitating clear communication of the information required by generally accepted accounting principles (GAAP) that is most important to users of financial statements. The Board reviewed the disclosure requirements in Topic 270 considering the disclosure framework in FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting—Chapter 8, Notes to Financial Statements, and decided not to add or remove any disclosures on the basis of that assessment. However, the Board identified some improvements that could be made to Topic 270.
On November 1, 2021, the Board issued proposed Accounting Standards Update, Interim Reporting (Topic 270): Disclosure Framework—Changes to Interim Disclosure Requirements. The amendments in that proposed Update would improve Topic 270 by:
- Introducing a principle to Topic 270 that is based on the removed portion of Regulation S-X, Rule 10-01, Interim Financial Statements.
- Providing requirements about the form and content in financial statements as part of an entity’s interim reporting, which is not currently included in Topic 270
- Including all interim disclosure requirements or references to interim reporting requirements in Topic 270 and clarifying when comparative disclosures are required
- Eliminating the phrase as a minimum and adding proposed language to promote that entities should use discretion when considering the need to provide interim disclosures
- Clarifying that assessing which disclosures to provide at interim periods involves considering information provided at the previous annual period.
- Read the press release on the proposed Accounting Standards Update
Decisions Reached at Last Meeting (May 25, 2022):The Board discussed feedback received on the proposed Accounting Standards Update, Interim Reporting (Topic 270): Disclosure Framework—Changes to Interim Disclosure Requirements, and feedback received on the June 2021 Invitation to Comment, Agenda Consultation.
The Board decided that the project objective is to improve the Codification guidance in Topic 270, Interim Reporting, by clarifying when the guidance in Topic 270 is applicable and improving the navigability of the required interim disclosures. In furthering this objective, the Board directed the staff that the future amendments to the disclosure principle should be intended to complement the interim disclosure requirements in Topic 270.
The Board affirmed the amendments to the objective of Topic 270 to provide guidance on accounting and disclosure issues specific to interim reporting and to set forth disclosure requirements for interim financial statements and notes in accordance with generally accepted accounting principles.
Additionally, the Board decided to include all of the amendments in the proposed Update in the scope of redeliberations.
Tentative Board Decisions Reached to Date (as of May 25, 2022):
A summary of decisions reached to date can be found here.
The following are links to the minutes for each meeting. To view Board meetings and handouts from the past 90 days, click here.
|May 25, 2022*||Board Meeting—Interim Reporting—Narrow- Scope Improvements|
|July 14, 2021||Board Meeting—Disclosure Framework—Interim Reporting|
|December 16, 2020||Board Meeting—Disclosure Framework—Interim Reporting|
|August 19, 2020||Board Meeting—Disclosure Framework—Interim Reporting|
|September 18, 2019||Board Meeting—Disclosure Framework—Interim Reporting|
|July 11, 2018||Board Meeting—Disclosure Framework—Interim Reporting|
|January 7, 2015||Board Meeting—Disclosure Framework—Interim Reporting|
|May 28, 2014||Board Meeting—Disclosure Framework—Interim Reporting|
Senior Project Manager
Postgraduate Technical Assistant
The staff has prepared this summary for information purposes only. Any Board decisions are tentative and do not change current accounting. Official positions of the FASB are determined only after extensive due process and deliberations.