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    FASB Issues Q&A on Application of GAAP Taxonomy to COVID Disclosures

    June 22, 2020

    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.

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    Keywords: Americas, US, Banking, Accounting, Pensions, Taxonomy, Q&A, COVID-19, US GAAP, Reporting, Disclosures, CARES Act, Paycheck Protection Program, FASB

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