FASB's New Expense Disclosure Rule: What Wiley GAAP 2026 Covers
The FASB's new disaggregation of income statement expenses requirement (ASU 2024-03) applies to all public business entities for annual reporting periods beginning after 15 December 2026, with interim periods following a year later. Alongside ASU 2025-08 on credit losses (issued November 2025) and continuing updates to business combination and internal-use software guidance, finance teams closing out 2026 and planning for 2027 are working from a codification that has moved meaningfully since the last edition on most preparers' shelves.
Wiley GAAP 2026, by Joanne M. Flood, CPA — a former senior manager in the AICPA's Professional Development group — works through all 64 ASC topic areas, from Topic 105 through the 900-series, with a GAAP perspective, source citation and practice-oriented example for each. The 2026 edition is current for the expense disaggregation, credit losses and business combination changes now landing on preparers' desks.
Three uses stand out for accounting teams working through this cycle. Controllers building the new tabular expense-disaggregation note can go straight to the presentation chapters for the required categories — inventory purchases, employee compensation, depreciation, intangible amortization, and DD&A — and the qualitative disclosure requirements around them. Credit teams at banks and lenders can use the credit-losses chapter to confirm how ASC 326 now applies under ASU 2025-08. And finance teams at multinational subsidiaries that report to a U.S. parent, exchange or regulator can use the book as a single current reference rather than reconciling several partial updates.
For accounting and business libraries, an annually updated GAAP reference remains one of the highest-use items in the collection — this edition earns its place on the shelf specifically because it is current through the 2025–2026 FASB changes rather than a prior-year edition patched with supplements.
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Q&A
Q: What does Wiley GAAP 2026 cover that earlier editions didn't?
A: It is updated for the FASB's most recent standards, including the new expense disaggregation requirement (ASU 2024-03) and updated credit-losses guidance under ASC 326 (ASU 2025-08, issued November 2025), plus current business combination and internal-use software guidance.
Q: When does the FASB's new expense disaggregation disclosure requirement take effect?
A: ASU 2024-03 applies to all public business entities for annual reporting periods beginning after 15 December 2026, with interim periods following a year later; early adoption is permitted.
Q: Is Wiley GAAP 2026 suitable for non-U.S. accounting teams?
A: Yes — it is widely used by finance teams at multinational subsidiaries and foreign private issuers reporting under U.S. GAAP to a U.S. parent, exchange or regulator, in addition to U.S.-based accountants and auditors.
Q: How is the book organized?
A: Across 1,360 pages and 64 chapters it follows the FASB's Accounting Standards Codification topic by topic, from ASC 105 through the 900-series, with a Definitions appendix and a Disclosure Checklist appendix.
Q: Where can I buy Wiley GAAP 2026?
A: Wiley GAAP 2026: Interpretation and Application of Generally Accepted Accounting Principles is available now from CLNZ Books, Bookseller for Professionals Worldwide, with pricing that includes worldwide shipping.