Feb 08, 2016
From the Financial Reporting View
KPMG LLP recently commented on the proposed FASB ASU, Disclosures by Business Entities about Government Assistance, which has the objective of increasing transparency about government assistance that entities negotiate. KPMG expressed general support for the proposal but suggested changes to simplify and improve the scope of the proposed guidance. Because government assistance is routinely negotiated with domestic and foreign governments, and the agreements often are individually insignificant, KPMG recommended that the Board amend the scope of the proposal to focus on the major classes of assistance and to require agreement-level disclosures for only individually material agreements.