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FASB considers proposal on required financial statement disclosure of government assistance

Currently, U.S. GAAP do not have explicit requirements for government assistance disclosure. On July 24, 2015, the FASB considered a requirement that companies disclose in the footnotes of their financial statements the types and amounts of government assistance they receive. FASB has directed its staff to draft a proposed Accounting Standards Update, which would then be subject to a 90-day comment period before going final.

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