The Financial Accounting Standards Board (FASB) has proposed technical and other conforming improvements for the 2022 GAAP Financial Reporting Taxonomy, with the comment period on the proposal ending on November 01, 2021. As part of the ongoing development and maintenance of the GAAP Financial Reporting Taxonomy, technical and other conforming improvements are being made in addition to those from the Accounting Standards Updates issued in 2021. Such improvements can result in new elements, updates to documentation and standard labels to clarify elements, and modifications of references to assist with appropriate element selection.
The improvements proposed in this release include new elements for reporting for:
- Credit losses, excluding accrued interest
- Reinsurance contracts
- Pledged assets
- Debt obligations with recourse
- Change in reporting entity
- Balance sheet offsetting
- Financial statement location of values not reported separately
Comment Due Date: November 01, 2021
Keywords: Americas, US, Banking, Reporting, US GAAP, Taxonomy, Credit Losses, IFRS 9, Credit Risk, FASB
Previous ArticleEIOPA Welcomes EC Proposals on Review of Solvency II
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)
The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.
The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.
The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.