FASB Updates FAQs on the GAAP Financial Reporting Taxonomy
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.
Related Links
- Notification (PDF)
- FAQs (PDF)
- Taxonomy Implementation Guide (PDF)
- 2019 US GAAP Financial Reporting Taxonomy
Keywords: Americas, US, Banking, Securities, Accounting, Taxonomy, Financial Instruments, Reporting, FAQ, Topic 320, FASB
Featured Experts
Laurent Birade
Advises U.S. and Canadian financial institutions on risk and finance integration, CCAR/DFAST stress testing, IFRS9 and CECL credit loss reserving, and credit risk practices.
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Previous Article
EBA to Move Headquarters from London to FranceRelated Articles
BCBS Consults on Principles for Operational Risk and Resilience
BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.
FSI Note Discusses Challenges Associated with COVID Relief Measures
The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.
HKMA Announces Repayment Deferment Under Payment Holiday Scheme
HKMA, together with the Banking Sector Small and Medium-Size Enterprise (SME) Lending Coordination Mechanism, announced a ninety-day repayment deferment for trade facilities under the Pre-approved Principal Payment Holiday Scheme.
ESRB Paper Presents Alternative Approach to EBA Stress Test Proposal
The Advisory Scientific Committee of ESRB published a response, in the form of an Insights Paper, to the EBA proposals for reforms to the stress testing framework in EU.
MAS Announces Key Initiatives to Support Adoption of SORA
MAS announced several initiatives to support adoption of the Singapore Overnight Rate Average (SORA), which is administered by MAS.
BoE Updates Template and Definitions for Form ER
BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.
PRA to Extend Temporary High Balance Coverage Amid COVID Crisis
PRA published the policy statement PS19/20 on the final policy for extending coverage under the Financial Services Compensation Scheme (FSCS) for Temporary High Balance.
EBA Publishes Standards on Disclosure and Reporting of MREL and TLAC
EBA published the final draft implementing technical standards for disclosures and reporting on the minimum requirements for own funds and eligible liabilities (MREL) and the total loss-absorbing capacity (TLAC) requirements in EU.
EBA Releases Erratum for Phase 2 Package on Reporting Framework 2.10
EBA published an erratum for the phase 2 of technical package on the reporting framework 2.10.
EC Sets Out Updated Technical Information for Solvency II Calculations
EC published the Implementing Regulation 2020/1145, which lays down technical information for calculation of technical provisions and basic own funds.
