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    FASB Proposes Improvements to 2021 GAAP Financial Reporting Taxonomy

    October 01, 2020

    FASB proposed technical and other conforming improvements for the 2021 US GAAP Financial Reporting Taxonomy, with the comment period on the proposals ending on November 02, 2020. The accompanying release notes describe the proposed improvements, which include new elements for asset acquisitions, credit losses, debt securities, leases, reorganization, variable interest entities, and banking regulation disclosures. Improvements also involve modifications of the standard and documentation labels, along with the deprecations for guidance that has been superseded and that assist in improving consistency and structure for the topical projects related to accounting changes and reorganizations.

    The release notes highlight that there are proposed improvements to accommodate various presentations of credit quality indicators and past due information disclosures for Topic 326 on credit losses. These improvements include broadening “Financial Asset, Period Past Due [Axis]” to “Financial Asset, Aging [Axis]” with a “Financial Asset, Not Past Due [Member]” and deprecating past due and not past due line items for financial assets such as “Financing Receivable, Past Due” and “Financing Receivable, Not Past Due.” Also, new elements were added to accommodate reporting of financial assets excluding accrued interest and for debt securities after allowance for credit losses.

    The modeling for reporting lessor disclosures for underlying assets under operating leases was improved by adding new line items. Data type and standard labels were changed for elements that were previously referred to as “[Extensible List]” because of finalization of Extensible Enumerations 2.0 specification by the XBRL International Standards Board. These improvements do not change how the elements are intended to be used. As a result of the EDGAR Release 20.2, the 2018 Taxonomy no longer is supported and the 2018 deprecated elements will not appear in the 2021 Taxonomy as deprecated items or in deprecated relationships. Five hundred seventy-four (574) elements deprecated with the 2018 Taxonomy will be removed because they are no longer available for use.

     

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    Comment Due Date: November 02, 2020

    Keywords: Europe, UK, Insurance, Solvency II, Effective Value Test, Minimum Deferment Rate, Volatility Parameter, Equity Release Mortgage, Matching Adjustment, PRA

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