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    FASB Proposes Taxonomy Improvements on Three Accounting Standards

    August 31, 2018

    FASB staff issued proposed taxonomy improvements on fair value measurement disclosure requirements (Topic 820) and credit losses (Topic 326); it also proposed taxonomy implementation guide on insurance, long-duration contracts. The comment period on the proposed taxonomy improvements related to the Accounting Standards Update on fair value measurement ends on September 27, 2018 while the comment period on the proposed taxonomy improvements related to credit losses update ends on September 19, 2018. Additionally, the comment period on the proposed Implementation Guide related to insurance ends on October 16, 2018.

    The proposed Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy Implementation Guide on Insurance, Long-Duration Contracts provides examples that would help users of the taxonomy understand how the modeling for disclosures of long-duration insurance contracts in FASB Accounting Standards Codification Topic 944, Financial Services—Insurance, is structured within the taxonomy. The examples are based on the assumption that an entity meets the criteria for reporting disclosures of long-duration insurance contracts under U.S. GAAP and/or SEC authoritative literature. However, the reported line items within the examples do not include all reporting requirements and represent only partial disclosures and statements for illustration purposes.

     

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    Keywords: Americas, US, Accounting, Banking, Insurance, ECL, Fair Value Measurement, Disclosures, Insurance Contracts, IFRS 9, IFRS 17, Taxonomy, Reporting, Topic 326, FASB

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