FASB Proposes Taxonomy Improvements to Accounting Under Topic 944
FASB proposed the Taxonomy Implementation Guide on extensible list for the US GAAP Financial Reporting Taxonomy, with the comment period ending on September 21, 2020. FASB also issued the final 2020 FASB Taxonomy Implementation Guides in Inline XBRL. The final implementation guides address certain accounting changes and long-duration insurance contracts (topic 944). The guides, along with the XBRL files, are available on the FASB website. In addition, FASB proposed taxonomy improvements for the proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the targeted improvements to accounting for long-duration insurance contracts, or LDTI (topic 944). The comment period on the proposed taxonomy improvements ends on August 24, 2020.
The purpose of the proposed Taxonomy Implementation Guide on extensible list is to explain an XBRL design feature, known as extensible enumerations, denoted in the taxonomy as an element having a standard label ending with [Extensible List]. The guide explains the purpose of this feature, when it is intended to be used, and the modeling of disclosure requirements using this feature. The target audience for this guide is primarily any party responsible for tagging information in an SEC XBRL filing. The implementation guides are intended to provide "preparers" with additional insight and supplemental guidance for utilizing the taxonomy, as they create their XBRL documents. FASB issued the final 2020 Taxonomy Implementation Guides including the following:
- Implementation Guide on Accounting Changes—The purpose of this guide is to demonstrate the modeling for reporting of the transition on adoption of amendments from an Accounting Standards Update or other accounting changes under FASB Accounting Standards Codification Topic 250 (Accounting Changes and Error Corrections) and topics amended by an Accounting Standards Update.
- Implementation Guide on Long-Duration Insurance Contracts—The purpose of this guide is to demonstrate the modeling for disclosures related to long-duration insurance contracts.
Related Links
- Notification (PDF)
- Proposed Guide on Extensible List (PDF)
- Taxonomy Implementation Guides
- Release Notes on Taxonomy Improvements (PDF)
- Proposed Accounting Standards Update (PDF)
Comment Due Date: August 24, 2020/September 21, 2020
Keywords: Americas, US, Accounting, Banking, Insurance, COVID-19, Insurance Contracts, Topic 944, LDTI, IFRS 17, Taxonomy Implementation Guide, Taxonomy, US GAAP, XBRL, Reporting, FASB
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