News

The Financial Accounting Standards Board (FASB) today issued an Accounting Standards Update (ASU) expected to increase transparency in financial reporting by requiring business entities to disclose, in notes to their financial statements, information about certain types of government assistance they receive. Examples of such government assistance include cash grants and grants of other assets.

“The new ASU responds to requests from investors and other capital allocators by  adding disclosures that will provide transparent and comparable information about certain types of government assistance that entities receive,” stated FASB Chair Richard R. Jones. “This, in turn, will help them make better-informed decisions.