FASB proposed the taxonomy improvements for the proposed Accounting Standards Updates on Targeted Transition Relief for Topic 326 (Financial Instruments—Credit Losses) and Topic 805 (on Business Combinations—Revenue from Contracts with Customers). The comment period on the proposed taxonomy improvements ends on March 08, 2019 for topic 326 and on April 30, 2019 for topic 805.
Effective January 01, 2018, the proposed taxonomy improvements to these Accounting Standards Updates have a formal comment period concurrent with the issuance of the Accounting Standards Update. This replaces the past practice of an annual sixty-day comment period on the entire taxonomy.
- Notification (PDF)
- Release Notes: Topic 326
- Release Notes: Topic 805
- Proposed Update to Standard: Topic 326
- Proposed Update to Standard: Topic 805
Comment Due Date: March 30, 2019 (Topic 326)/April 30, 2019 (Topic 805)
Keywords: Americas, US, Accounting, Banking, Taxonomy, Topic 326, Credit Losses Standard, IFRS 9, Financial Instruments, FASB
Previous ArticleFSB Report Examines Financial Stability Implications of Fintech
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
BoE has set out a three-phased plan to transform data collection from the UK financial sector over the next decade.
BIS recently made a couple of announcements with respect to the planned and ongoing work in the area of financial technology.
ESRB updated the list of national macro-prudential measures applied by each member state in the European Economic Area.
BoE has set out results of a survey on the impact of COVID-19 events on the use of machine learning and data science.
In response to a request from the European Council and Parliament, ECB published an opinion on the proposed regulation on markets in crypto-assets.
APRA announced the updated aggregate amounts for the 2021 Committed Liquidity Facility (CLF) established between the Reserve Bank of Australia (RBA) and certain locally incorporated authorized deposit-taking institutions that are subject to the Liquidity Coverage Ratio (LCR).
ECB published supervisory Memorandums of Understanding (MoUs) with UK as well as other European and non-European authorities.
EIOPA identified business model sustainability and adequate product design as the two EU-wide strategic supervisory priorities.
After considering comments received on the November 2020 proposal, US Agencies (FDIC, FED and OCC) are proceeding with the proposed revisions to the reporting forms and instructions for Call Reports FFIEC 031, FFIEC 041, and FFIEC 051.