FASB Updates FAQs on the GAAP Financial Reporting Taxonomy

By Regulatory News

March 06, 2019

Regulatory Reporting: US

FASB updated the frequently asked questions (FAQs) about the U.S. GAAP Financial Reporting Taxonomy to include new guidance for preparers on addressing the deprecation of the "Report Date [Axis]" (CreationDateAxis) with the 2019 Taxonomy Update. The FAQs provide responses to general inquiries concerning the U.S. GAAP Financial Reporting Taxonomy. In addition, FASB issued a Taxonomy Implementation Guide on Financial Instruments—Debt Securities. The purpose of the guide is to demonstrate the modeling for disclosures related to debt securities.

The taxonomy implementation guide contains examples to help users of the taxonomy understand how the modeling for disclosures of debt securities in Accounting Standards Codification (Topic 320) is structured within the taxonomy. The examples are based on the assumption that an entity meets the criteria for reporting the disclosures under U.S. GAAP and/or U.S. SEC authoritative literature. However, the reported line items within the examples do not include all reporting requirements and represent only partial disclosure and statements for illustrative purposes.

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Keywords: Americas, US, Banking, Securities, Accounting, Taxonomy, Financial Instruments, Reporting, FAQ, Topic 320, FASB

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