Page: FASB Accounting Standards Updates
Change summary: The FASB has issued comprehensive accounting standards updates for 2025, including 12 new ASUs covering topics from government grants to credit losses. ASU 2025-12 addresses Codification Improvements, while ASU 2025-10 introduces new guidance for Government Grants received by business entities. Significant updates include ASU 2025-09 Hedge Accounting Improvements, ASU 2025-05 Measurement of Credit Losses for accounts receivable, and ASU 2025-03 VIE Acquisitions guidance on determining the accounting acquirer in VIE acquisitions. Other notable 2025 updates cover Internal-Use Software accounting and Share-Based Consideration payable to customers. From 2024, ASU 2024-03 Expense Disclosures introduces major disaggregation requirements, while ASU 2024-01 Profits Interest clarifies profits interest awards. Prior significant updates include ASU 2023-09 Income Tax Disclosures, ASU 2023-08 Crypto Assets accounting guidance, and ASU 2023-07 Segment Reporting improvements.
[INSERTS] Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities - New guidance for business entities receiving government grants
[INSERTS] Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets
[INSERTS] Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity
[INSERTS] Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
[INSERTS] Income Taxes (Topic 740): Improvements to Income Tax Disclosures
[INSERTS] Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets
[INSERTS] Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
[INSERTS] Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards
[INSERTS] Debt-Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments
[INSERTS] Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer
[INSERTS] Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software
[INSERTS] Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer
[INSERTS] Financial Instruments-Credit Losses (Topic 326): Purchased Loans - Guidance on accounting for purchased loans
[INSERTS] Derivatives and Hedging (Topic 815): Hedge Accounting Improvements - Targeted improvements to hedge accounting guidance
[INSERTS] Interim Reporting (Topic 270): Narrow-Scope Improvements - Targeted amendments to interim reporting guidance
[INSERTS] Codification Improvements - Target improvements and clarifications to the FASB Codification
[INSERTS] Codification Improvements-Amendments to Remove References to the Concepts Statements
[INSERTS] Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date
[INSERTS] Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122

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Accounting Standards Updates Issued

The FASB Accounting Standards Codification® (FASB Codification) is the sole source of authoritative GAAP other than SEC issued rules and regulations that apply only to SEC registrants. The FASB issues an Accounting Standards Update (Update or ASU) to communicate changes to the FASB Codification, including changes to non-authoritative SEC content. ASUs are not authoritative standards.

Each ASU explains:

• How the FASB has changed US GAAP, including each specific amendment to the FASB Codification
• Why the FASB decided to change US GAAP and background information related to the change
• When the changes will be effective and the transition method.

List of Accounting Standards Updates Issued

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| ##### Issued In 2025

Update 2025-12 -Codification Improvements

Update 2025-11 -Interim Reporting (Topic 270): Narrow-Scope Improvements

Update 2025-10 -Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities

Update 2025-09 -Derivatives and Hedging (Topic 815): Hedge Accounting Improvements

Update 2025-08 -Financial Instruments-Credit Losses (Topic 326): Purchased Loans

Update 2025-07 -Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract

[Update 2025-...