FASB proposes disclosure changes
Defining Issues |听May 2019
乐鱼（Leyu）体育官网 reports on the proposed ASU to update disclosures in response to the SEC鈥檚 disclosure initiative.
A proposed ASU seeks to update disclosures in response to the SEC鈥檚 disclosure update and simplification initiative.听Several of the FASB鈥檚 proposed changes would apply to private and not-for-profit entities in addition to public entities.
Applicability
Proposed ASU
- All entities
Relevant dates
- May 6, 2019听鈥� FASB issued proposed ASU
- June 28, 2019 鈥� Comments due on proposed ASU
Key impacts
- Impact of derivative instruments in the statement of cash flows
- Newly consolidated or deconsolidated entities
- Assets mortgaged, pledged or subject to lien
- Weighted-average interest rate on short-term borrowings and unused lines of credit
- Change in reporting entity and combinations under common control in interim periods, if interim financial statements are provided
- Repurchase and reverse repurchase agreements
Other proposed disclosures would be required only for public entities, which already have similar requirements under SEC regulations.听
The proposals are in response to the SEC鈥檚 August 2018 release,听Disclosure Update and Simplification, in which the SEC referred certain of its disclosure requirements that overlap with, but provide incremental information to, US GAAP to the FASB for potential incorporation into the FASB鈥檚 Accounting Standards Codification.听
The proposed amendments would apply prospectively.
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