The Exposure Draft contains additional guidance in the form of new and amended questions and answers related to several financial reporting topics, including cash flows reporting, the basic financial statements and management discussion and analysis, leases, lease terms, lease recognition and measurement for leases other than short-term leases and contracts that transfer ownership, conduit debt obligations, accounting changes and error corrections, compensated absences, financial reporting model improvements, fund balance reporting, and governmental fund type definitions.
The Exposure Draft has various effective dates as soon as upon issuance, with some requiring retroactive application.
The full text of the Exposure Draft is available here.
Published: 01/06/2025
Readers should not act upon information presented without individual professional consultation.
Any federal tax advice contained in this communication (including any attachments): (i) is intended for your use only; (ii) is based on the accuracy and completeness of the facts you have provided us; and (iii) may not be relied upon to avoid penalties.