FSP · 10-Q · 2026Q1 · Full report

Regulatory / Accounting Standards

FRANKLIN STREET PROPERTIES CORP /MA/ · 2026-04-28 · Importance 17 · Surprise 24

The Company discloses new FASB accounting standards including ASU 2023-06 (Disclosure Improvements) issued October 2023 and ASU 2024-03 (Expense Disaggregation) issued November 2024. ASU 2023-06 adds interim and annual disclosure requirements tied to the SEC’s Disclosure Update and Simplification Initiative and will be effective when related SEC removals are effective; the Company does not anticipate a material impact from adoption. ASU 2024-03 requires disaggregated expense disclosures in notes to the financial statements and is effective for fiscal years beginning after December 15, 2026; the Company similarly does not anticipate a material impact on consolidated financial statements. The Company will apply these standards prospectively (with possible retrospective application for ASU 2024-03) and will monitor SEC actions tied to ASU 2023-06.

Key facts

• Tax expense for the three months ended March 31, 2026 included Revised Texas Franchise Tax of $54,000 compared to $52,000 for the three months ended March 31, 2025.