FASB codifies SEC disclosures

In NDS 2023-01, “FASB includes certain SEC disclosures in GAAP,” we summarize the provisions of the FASB’s ASU 2023-06, Disclosure Improvements, which amends U.S. GAAP to reflect updates and simplifications to certain disclosure requirements that the SEC referred to the FASB in 2018, including disclosures for the statement of cash flows, earnings per share, commitments, debt and equity instruments, and certain industry information. The targeted amendments affect various Codification Topics and may impact a broad range of entities, both public and private.

For entities subject to the SEC’s existing disclosure requirements as well as those required to file or furnish financial statements with or to the SEC in order to sell or issue securities that are not subject to contractual restrictions upon transfer, each amendment is effective when the related disclosure is effectively removed from Regulations S-X or S-K; early adoption is prohibited. The amendments are effective two years later for all other entities, who may early adopt once the related disclosure becomes effective for entities subject to SEC disclosure requirements. All amendments should be applied prospectively.

Download NDS 2023-01, which includes several reader-friendly tabular synopses.