Prompted by requests from stakeholders for more granular information about expenses comprising income statement line items, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40), to expand the footnote disclosures required for certain expenses incurred by public business entities. The incremental disclosures will provide financial statement users with a better understanding of an entity’s costs and enhance their forecasts of an entity’s future cash flows.
Snapshot 2025-14, “FASB introduces disaggregated income statement disclosure requirements,” analyzes the new requirements, complemented by direct citations and clarifying examples from the FASB as well as insights from Grant Thornton professionals.
These amendments are effective for public business entities only for annual reporting periods beginning after December 15, 2026 and for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.
Download Snapshot 2025-14 (PDF - 459KB), here.
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Partner, Professional Standards
Partner, Audit & Assurance Services, Grant Thornton LLP
Principal, Grant Thornton Advisors LLC
Sandra Heuer is a partner in the Accounting Principles Group. Based in our Minneapolis office, she is also part of the National Professional Standards Group, where she has served eight years as a technical accounting resource to audit engagement teams.
Minneapolis, Minnesota
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- Public company audit
Partner, Audit & Assurance – Accounting Principles, Grant Thornton LLP
Partner, Grant Thornton Advisors LLC
Carolyn is a Partner in the Accounting Principles Group (APG) in the National Office of Grant Thornton’s Audit practice. Carolyn assists clients and audit teams in navigating accounting questions under U.S. GAAP, and authors publications and trainings to increase knowledge of standards within the firm and in the accounting community.
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