The Financial Accounting Standards Board ("FASB") proposed updates to the FASB Accounting Standards Codification ("Codification") to harmonize certain disclosure requirements to be consistent with SEC regulations.
As previously covered, the SEC referred certain of its disclosure requirements that overlap with U.S. Generally Accepted Accounting Principles ("GAAP") to the FASB for incorporation into the Codification. The amendments in this proposed update stem from the FASB's consideration of those requirements. Further, the amendments in this update would be applied prospectively to financial statements issued following any changes made after the effective date.
Comments on the proposed accounting standards updates must be submitted by June 28, 2019.
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