Featured Product

    FASB Issues Implementation Guides for 2020 US GAAP Reporting Taxonomy

    March 18, 2020

    In connection with the release of the 2020 U.S. GAAP Financial Reporting Taxonomy, FASB has published the final 2020 FASB Taxonomy Implementation Guides. These guides cover topics such as certain accounting changes, financing receivable and current expected credit loss (CECL) disclosures, long-duration insurance contracts, and leases (under Topic 842). These 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 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 Financing Receivable and Current Expected Credit Loss Disclosures—The purpose of this guide is to demonstrate the dimensional modeling for disclosures related to financing receivables under FASB Accounting Standards Codification Topics 310 and 326 and any topic 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.
    • Implementation Guide on Leases under Topic 842—The purpose of guide is to demonstrate the modeling for reporting of leases under Topic 842.

     

    Related Links

    Keywords: Americas, US, Banking, Insurance, Leases, Accounting, Insurance Contracts, Taxonomy, US GAAP, Reporting, XBRL, CECL, Disclosures, Topic 842, FASB

    Featured Experts
    Related Articles
    News

    BCBS Amends Guidelines on Sound Management of AML/CFT Risks

    BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).

    July 02, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Amendments to Swap Margin Rule

    US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.

    July 01, 2020 WebPage Regulatory News
    News

    PRA Letter Sets Expectations on Approach to Managing Climate Risks

    PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.

    July 01, 2020 WebPage Regulatory News
    News

    EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR

    EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).

    July 01, 2020 WebPage Regulatory News
    News

    FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform

    FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS Publishes List of Internationally Active Insurance Groups

    IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.

    July 01, 2020 WebPage Regulatory News
    News

    FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act

    FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).

    July 01, 2020 WebPage Regulatory News
    News

    EC Launches Consultation on Review of Solvency II Directive

    EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.

    July 01, 2020 WebPage Regulatory News
    News

    ECB Consults on Supervisory Approach to Consolidation in Banking

    ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.

    July 01, 2020 WebPage Regulatory News
    News

    IAIS on Package for 2020 Data Collection on ICS and Aggregation Method

    IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.

    June 30, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5425