FASB to host public roundtable on income statement expense disclosures

Posted on October 16, 2023 by Editor

The Financial Accounting Standards Board (FASB) is organising a public roundtable for 13 December to discuss the proposed Accounting Standards Update (ASU) related to the Income Statement under US GAAP.

The proposed update is in response to feedback from investors, highlighting the need for enhanced insight into a company’s expenses. The updated ASU would require public companies to provide detailed disclosure of specific categories underlying certain expense captions in their reports. Key aspects of this proposal include disclosing expenses related to employee compensation, depreciation, amortisation, and costs linked to inventory and manufacturing activities.

This roundtable aims to provide a platform for stakeholders, including investors, preparers, and auditors, to express their views and offer feedback to the FASB on the proposed ASU.

Interested participants should register online by 16 October, and are encouraged to submit comment letters by 30 October. Observers can register until 1 November, and a recording of the session will be made available online.

Read more and sign up here.

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