Regulatory Updates

International Accounting updates

Updates from FASB

FASB issues disclosure improvements in response to SEC’s disclosure update and simplification initiative

In the Securities and Exchange Commission (SEC) Release No. 33-10532, Disclosure Update and Simplification, issued in August 2018, the SEC referred certain disclosure requirements hat overlap with, but require incremental information to, the generally accepted accounting principles to the Financial Accounting Standards Board (FASB).

Accordingly, on 9 October 2023, FASB issued an Accounting Standards Update (ASU) that incorporates these disclosure requirements. The amendments in the ASU are expected to Clarify and improve disclosure and presentation requirements of a variety of topics and allow users to more easily compare entities subject to the SEC's existing disclosures with those entities that were not previously subject to the requirements.

To access the text of the ASU, please click here