Featured Product

    FASB Proposes Taxonomy Implementation Guide for CECL Disclosures

    June 29, 2021

    FASB proposed the GAAP Taxonomy Implementation Guide on financing receivables and on the current expected credit loss disclosures, based on the 2021 GAAP Financial Taxonomy and the 2021 SEC Reporting Taxonomy (collectively referred to as the GAAP Taxonomy). The purpose of this proposed guide is to demonstrate the modeling for disclosures related to financing receivables under FASB Accounting Standards Codification Topic 310 on receivables and Topic 326 on credit losses. The proposed Implementation Guide includes new elements in the first example to accommodate guidance in the Accounting Standards Update on codification improvements to Topic 326 on credit losses, Topic 815 on derivatives and hedging, and Topic 825 on financial instruments. The comment period for this proposal ends on July 26, 2021.

    The examples included 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 or disclosures in its financial statements. The examples are provided to help users of GAAP Taxonomy understand how the modeling for disclosures related to financing receivables is structured within the GAAP Taxonomy. Examples are based on the assumption that the entity meets the criteria for reporting financing receivables under GAAP and/or SEC authoritative literature. In addition, the reported line items within the examples do not include all reporting requirements and represent only partial disclosures and statements for illustrative purposes.

    In addition, FASB has proposed the Taxonomy Implementation Note Style Guide (Style Guide). The purpose of the proposed Style Guide is to describe Taxonomy Implementation Note and the criteria used for including a Taxonomy Implementation Note on an element in the GAAP Financial Reporting Taxonomy, using a structured and consistent framework. A Taxonomy Implementation Note provides additional information to assist with appropriate selection of an element and its intended use. The Taxonomy Implementation Notes are generally needed to clarify elements when there are alternatives in selection or value such as positive/negative value, before/after adoption of new guidance, and statement/disclosure usage. Taxonomy Implementation Notes may be temporary and removed in a future GAAP Financial Reporting Taxonomy. Temporary Taxonomy Implementation Note generally accompanies the Accounting Standards Updates when different elements are needed to accommodate the transition options or adoption timing. The Taxonomy Implementation Notes are removed when the transition period has passed or upon the effective date of the Accounting Standards Update. The comment period ends on July 26, 2021.

     

    Related Links

    Comment Due Date: July 26, 2021

    Keywords: Americas, US, Banking, Financial Instruments, CECL, Accounting Standards Update, Reporting, Taxonomy, Taxonomy Implementation Note, Derivatives and Hedging, Topic 326, Topic 815, Topic 825, FASB

    Featured Experts
    Related Articles
    News

    EC to Defer Application of SFDR Standards Till July 2022

    The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.

    July 23, 2021 WebPage Regulatory News
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Examines Asset Encumbrance in Banking Sector

    The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Publishes Methodological Guide to Mystery Shopping

    The European Banking Authority (EBA) published a methodological guide to mystery shopping.

    July 21, 2021 WebPage Regulatory News
    News

    APRA Issues Update on Capital Reform Policy Settings for Banks

    The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.

    July 21, 2021 WebPage Regulatory News
    News

    CPMI-IOSCO Assess Continuity Planning of Market Infrastructures

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.

    July 21, 2021 WebPage Regulatory News
    News

    ESMA Responds to Proposal Related to Sustainability Standards Board

    The European Securities and Markets Authority (ESMA) has responded to the IFRS consultation on targeted amendments to the IFRS Foundation constitution to accommodate an International Sustainability Standards Board (ISSB) to set IFRS Sustainability Standards.

    July 21, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7284