FASB Proposes Taxonomy Implementation Guide on Leases Under Topic 842
FASB staff launched a consultation on two Taxonomy Implementation Guides based on the 2020 U.S. GAAP Financial Reporting Taxonomy, which is pending acceptance by the SEC. One of the proposed guides refers to the Revenue from Contracts with Customers while the other one refers to Leases under Topic 842. The proposed guide on leases includes new examples that highlight the reporting of right-of-use assets in a classified statement of financial position and an unclassified statement of financial position. The comment period for the proposed guides ends on February 24, 2020.
The proposed guide on leases is intended to demonstrate the modeling for reporting of leases under Topic 842. The examples provided in the guide are not intended to encompass all of the potential modeling configurations or to dictate the appearance and structure of an entity’s extension taxonomy. The examples have been provided to help users of the taxonomy to understand how the modeling for leases under Topic 842 is structured within the taxonomy. The examples are based on the assumption that an entity meets the criteria for reporting leases under Topic 842 under the GAAP and/or SEC authoritative literature. The reported line items within the examples do not include all reporting requirements and represent only partial disclosures and statements for illustrative purposes. Changes from the 2017 version of the Implementation Guide have been presented in Appendix A to the 2020 Taxonomy Implementation Guide.
Related Links
Comment Due Date: February 24, 2020
Keywords: Americas, US, Banking, Securities, Leases, Leases Standard, Topic 842, Taxonomy, Taxonomy Implementation Guide, Reporting, Accounting, GAAP, GAAP Taxonomy, SEC, FASB
Featured Experts
Laurent Birade
Advises U.S. and Canadian financial institutions on risk and finance integration, CCAR/DFAST stress testing, IFRS9 and CECL credit loss reserving, and credit risk practices.
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
BIS Publishes Paper on Bad Bank Resolutions and Bank LendingRelated Articles
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR
The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
MAS Amends Notice 635 and Issues Second Proposal on Green Taxonomy
The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
EC Mandates ESAs to Propose Amendments to SFDR Technical Standards
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
EBA Examines Supervisory Practices, Issues Deposits Reporting Template
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
