FASB issued a question-and-answer document (Q&A) that responds to frequently asked questions about the application of the US GAAP financial reporting taxonomy to disclosures related to the effects of COVID-19 and relief efforts. The Q&A addresses the application of the GAAP taxonomy to disclosures in the areas of income taxes, payroll taxes, loans, grants, pensions, and overall discussion of the COVID-19 pandemic. The FASB staff developed this Q&A to on the basis of the to date information and feedback received. The FASB taxonomy staff will continue to monitor this unique and evolving situation and communicate additional application of the taxonomy, as appropriate.
Keywords: Americas, US, Banking, Accounting, Pensions, Taxonomy, Q&A, COVID-19, US GAAP, Reporting, Disclosures, CARES Act, Paycheck Protection Program, FASB
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous ArticleEBA Revises List of Validation Rules for Reporting in EU
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
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.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
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.
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.
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.
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.
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
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.
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),