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    FASB Proposes Taxonomy Improvements for the Credit Losses Standard

    February 14, 2019

    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.

     

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    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

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