Featured Product

    FASB Proposes Taxonomy Implementation Guide on Leases Under Topic 842

    January 24, 2020

    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
    Related Articles
    News

    HKMA Enhances Loan Guarantee Scheme to Alleviate Pressure on SMEs

    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.

    February 24, 2021 WebPage Regulatory News
    News

    EBA Proposes Standards for Supervisory Cooperation Under IFD

    EBA launched consultations on the regulatory and implementing technical standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.

    February 24, 2021 WebPage Regulatory News
    News

    BoE Sets Out Plan to Transform Data Collection from Financial Sector

    BoE has set out a three-phased plan to transform data collection from the UK financial sector over the next decade.

    February 23, 2021 WebPage Regulatory News
    News

    BIS Issues Updates on Technology Initiatives on Cross-Border Payments

    BIS recently made a couple of announcements with respect to the planned and ongoing work in the area of financial technology.

    February 23, 2021 WebPage Regulatory News
    News

    ESRB Updates List of Macro-Prudential Measures in February 2021

    ESRB updated the list of national macro-prudential measures applied by each member state in the European Economic Area.

    February 22, 2021 WebPage Regulatory News
    News

    BoE Survey Shows Positive COVID Impact on Outsourced Banking Services

    BoE has set out results of a survey on the impact of COVID-19 events on the use of machine learning and data science.

    February 22, 2021 WebPage Regulatory News
    News

    ECB Issues Opinion on Proposal to Regulate Crypto-Asset Markets in EU

    In response to a request from the European Council and Parliament, ECB published an opinion on the proposed regulation on markets in crypto-assets.

    February 22, 2021 WebPage Regulatory News
    News

    APRA Announces Aggregate Committed Liquidity Facility for Banks

    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).

    February 19, 2021 WebPage Regulatory News
    News

    ECB and UK Authorities Agree on Post-Brexit Supervisory Cooperation

    ECB published supervisory Memorandums of Understanding (MoUs) with UK as well as other European and non-European authorities.

    February 19, 2021 WebPage Regulatory News
    News

    EIOPA Outlines Strategic Supervisory Priorities for Insurance Sector

    EIOPA identified business model sustainability and adequate product design as the two EU-wide strategic supervisory priorities.

    February 19, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6619