Quarterly accounting update: Staying ahead on the key updates in financial reporting

Event overview

The financial reporting landscape is constantly evolving. Watch an engaging recording of our recent webcast that will equip you with the knowledge to navigate upcoming changes and maintain compliance.

What you’ll learn by watching the replay:

• Highlights of Accounting Standard Updates (ASU) issued during the quarter:

  • ASU 2024-03—Disaggregation of income statement expenses: This new ASU from the Financial Accounting Standards Board (FASB) requires public business entities to disclose disaggregated information about certain income statement expenses. The ASU is effective for annual reporting beginning in fiscal years starting after Dec. 15, 2026, and for interim periods in the following year.
  • ASU 2024-04—Induced conversions of convertible debt instruments: The ASU clarified when an entity should apply induced conversion accounting when it modifies convertible debt in order to entice the holder to convert the debt. The ASU will take effect for fiscal years starting after Dec. 15, 2025.

• Key points related to the following proposed ASUs:

  • Simplified current expected credit losses (CECL) application: This proposal aims at simplifying the application of the credit loss standard (ASC 326) for private companies and certain nonprofits as it relates to trade accounts receivables.
  • Internal-use software costs: This proposed update makes targeted updates to the existing accounting guidance related to software developed for internal usage, including updating when cost capitalization begins and adding certain disclosure requirements concerning project cash flows.
  • Accounting for government grants: The proposed ASU updates the existing guidance as to when and how entities should recognize government grants for both capital and income grants, as well as how such grants should be presented and disclosed in financial statements
  • Accounting for environmental credit programs: This proposed ASU would establish accounting guidance for the recognition, measurement, presentation and disclosure of environmental credits and environmental credit obligations.

The webcast also covers implementation issues related to ASU 2023-07 on segment reporting, effective this year-end for public entities under ASC 280. It discusses the ASU requirements, recent SEC guidance, and highlights from the AICPA-CIMA conference on current SEC and PCAOB developments, including complex accounting scenarios and recent SEC rules. Additionally, the webcast addresses the FASB’s agenda consultation process, inviting stakeholder suggestions for improving current accounting standards.

Don't miss the opportunity to gain clear, actionable insights into navigating updates in the reporting landscape.

Missed the webinar?
The on-demand recording is now available, providing a chance to catch up on key updates and insights at your convenience.

We appreciate your participation and look forward to connecting with you during our next quarterly update. Stay tuned for details!

Watch on-demand

Rich Daisley  |  Senior Manager  |  RSM US LLP

Julia Amstutz  |  Senior Manager  |  RSM US LLP