IMA FRC comment letter in response to proposed ASU on interim reporting: narrow-scope improvements

March 21, 2025

IMA’s Financial Reporting Committee (the Committee) issued a comment letter to share its views on the Financial Accounting Standards Board’s Proposed Accounting Standards Update, Interim Reporting: Narrow-Scope Improvements

The Committee expressed its agreement and strong support of the Board’s objective to enhance and clarify interim reporting without substantially expanding or reducing existing requirements. The Committee also noted that it believes that retrospective application should be permitted, as some companies might want to align their disclosures in comparative interim prior periods upon adoption of this guidance. The Committee offered its recommended changes to the proposed update, which can be found in the full comment letter.