December 10, 2024
FASB
Technical Director
801 Main Avenue
PO Box 5116
Norwalk, CT 06856-5116.
Sent via email to [email protected]
File Reference No. 2024-ED800
RE: Exposure Draft Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40)
Clarifying the Effective Date
Dear Technical Director:
The Virginia Society of CPAs (VSCPA) Accounting & Auditing Advisory Committee (Committee) has reviewed the Exposure Draft Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40) Clarifying the Effective Date (ED), issued by the Financial Accounting Standards Board (FASB). The VSCPA is the leading professional association in Virginia dedicated to enhancing the success of all CPAs and their profession by communicating information and vision, promoting professionalism, and advocating members’ interests. The VSCPA membership consists of nearly 12,000 individual members who actively work in public accounting, private industry, government, and education.
The Committee agrees with the clarification of the effective date. It was clearly the Board’s intent in the basis for conclusions of Update 2024-03 that all public business entities should initially adopt the disclosure requirements in the first annual reporting period beginning after Dec. 15, 2026, and interim reporting periods within annual reporting periods beginning after Dec. 15, 2027. This ED removes any remaining ambiguity.
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The VSCPA appreciates the opportunity to respond to this ED. Please direct any questions or concerns to VSCPA Vice President, Advocacy & Pipeline Emily Walker, CAE, at [email protected] or (804) 612- 9428.
Sincerely,
Michael Phillips, CPA
Chair 2024-2025
VSCPA Accounting & Auditing Advisory Committee
VSCPA Accounting & Auditing Advisory Committee 2024-2025
Michael Phillips, CPA —Chair
Daniel Martin, CPA — Vice Chair
Zach Borgerding, CPA
Joshua Keene, CPA
Nick Kinsler, CPA
Brian Minor, CPA
Elisa Obillo, CPA
Krisia Raya, CPA
Charles Valadez, CPA
Natalya Yashina, CPA