ASU 2023-09: Income Taxes
FASB requires a more detailed income tax rate reconciliation and disclosure of income taxes paid, disaggregated by federal, state, foreign and any individual jurisdiction at or above 5% of the total.
How do you stay current with new accounting guidance?
Gaapio Guidance Updates provides real-time alerts for new accounting standards with implementation guidance, covering FASB updates and SEC guidance. The guides below walk through recent standards and SEC and PCAOB requirements in more depth.
How Gaapio Guidance Updates Work
Stay ahead of accounting standards with our comprehensive monitoring and alert system
Monitor
We track FASB, IASB, PCAOB, and SEC updates daily.
Alert
You're instantly notified when something changes.
Explain
We break it down with plain-language analysis written by CPAs.
Educate
Optional deep dives and summaries for your whole team.
Stay Ahead of the Standards
Whether it's a minor clarification or a major overhaul, Gaapio alerts you the moment guidance is issued, so you're never caught off guard.
Enable AlertsASU 2025-06 Internal-Use Software (ASC 350-40)
FASB removes the project-stage model for capitalizing software costs. Effective for annual periods beginning after Dec 15, 2027.
ASU 2025-05 Credit Losses (ASC 326)
Practical expedient for current accounts receivable and current contract assets arising from ASC 606 transactions.
3 Updates in Your Queue
ASU 2025-06, ASU 2025-05, and ASU 2024-03 summaries.
Guidance That Makes Sense
Most updates are filled with legal jargon. Gaapio simplifies each change into a short, practical explanation so you can understand and apply it without second-guessing.
Plain English Explanations
No more deciphering complex regulatory language
Quick Implementation
Actionable steps to apply changes immediately
CPA-Reviewed Content
Every summary is written and reviewed by certified professionals
ASU 2024-03
Disaggregation of Income Statement Expenses (ASC 220-40)
What Changed:
FASB requires public business entities to disclose, in a tabular note, the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion and amortization included in each relevant income statement expense caption, plus total selling expenses.
Impact:
Medium. Applies to all public business entities; heaviest for those that present expenses by function (for example, cost of sales and SG&A).
Action Required:
Map expense data to the required categories so it is captured from the start of your first annual period beginning after Dec 15, 2026 (earlier if you plan retrospective adoption).
Guides
- ASU 2023-09 income tax disclosures: effective dates and rate reconciliation
- ASU 2025-05 and CECL for receivables: the practical expedient and collections election
- ASC 350-40 internal-use software capitalization, including ASU 2025-06
- ASU 2024-03 (DISE) income statement expense disaggregation
- SAB 74 disclosures for accounting standards you have not yet adopted
- PCAOB AS 1000: auditor responsibilities and the 14-day documentation rule
Don't just take our word for it.
See what accounting and finance teams say about working with Gaapio.
“The product is phenomenal. Contract analysis has been a game changer for us. We use it a lot!”
“I don't know how I'll ever be able to work somewhere in the future that doesn't have Gaapio. If you're a technical accounting team weighing this against a general-purpose AI tool, there's no comparison. Gaapio was built for this work, and it shows.”
“I am very impressed with Gaapio. We are ready to add three more users. We should have subscribed this sooner!”
“Wow, I am blown away!”
Ready to transform your technical accounting?
Join the CPAs who are already saving hours every month with AI-powered accounting documentation.