2024 has been relatively quiet in terms of new accounting standards, with only two Accounting Standards Updates (ASUs) issued to date. However, changes are on the horizon. The Financial Accounting Standards Board (FASB) is expected to release additional ASUs covering the accounting for induced conversions of convertible debt instruments and the disaggregation of income statement expenses before the year ends.
In this edition of A Closer Look, we review the recently issued FASB guidance that could affect your year-end financial reporting. Staying updated on these changes is critical to ensure compliance and to explore opportunities for optimizing alternative adoption methods often provided in the new standards.