In December 2025, the FASB issued Accounting Standards Update (ASU) 2025-11, Interim Reporting – Narrow Scope Improvements. The ASU is intended to clarify and organize interim reporting requirements, making them easier to understand and apply consistently across entities.  The amendments state that interim reporting guidance applies to all entities that provide interim financial statements and notes in accordance with generally accepted accounting principles.   The ASU also includes a single, more organized framework of required interim disclosures. Additionally, it establishes a disclosure principle requiring entities to report material events or changes occurring since the most recent annual period that affect financial position or results.

The amendments are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities and for interim reporting periods within annual reporting periods beginning after December 15, 2028, for entities other than public business entities. Early adoption is permitted for all entities. The amendments in this Update can be applied either prospectively or retrospectively to all prior periods presented in the financial statements.

The full text of the ASU can be found here.

 

Published: 01/05/2026

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