New Disclosures Required for Government Assistance

Thoughtware Article Published: Nov 23, 2021
Tax FVS Paperwork Forensics

There has been a lack of specific authoritative accounting guidance on recognizing, measuring, and disclosing government assistance received by public and private business entities, which has led to diversity in practice. On November 17, 2021, FASB issued Accounting Standards Update (ASU) 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance. This article provides details on the ASU, which creates new annual disclosures.

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