FASB Proposes Improvements to 2020 US GAAP Reporting Taxonomy
FASB proposed technical and other conforming improvements for the 2020 U.S. GAAP Financial Reporting Taxonomy, with the comment period for these improvements closing on November 02, 2019. Additionally, FASB proposed taxonomy improvements for the variable interest entities modeling, the reference project, the accounting standards update on transition methods, and the phase 3 of retirement benefits topical focus project under the 2020 U.S. GAAP Financial Reporting Taxonomy. Also proposed were the taxonomy implementation guides for the accounting standards update titled "Adoption Transition Modeling" and update related to the phase 3 of retirement benefits.
The comment period on the proposed taxonomy improvements for variable interest entities modeling and reference project ends on November 01, 2019; for accounting standards update on transition methods ends on November 02, 2019; and for phase 3 of retirement benefits topical focus project November 03, 2019. The comment period for the proposed taxonomy implementation guide for accounting standards update adoption transition modeling ends on November 02, 2019 and for phase 3 of retirement benefits ends on November 03, 2019. The proposed technical improvements for the 2020 U.S. GAAP Financial Reporting Taxonomy include:
- New elements to accommodate lease, revenue, and banking regulation disclosures
- Deprecations for guidance that has been superseded
- Modified standard and documentation labels for maturity schedule elements and banking regulations
- Modified references related to elements for long-duration insurance
As a result of the EDGAR Release 19.2, the 2017 Taxonomy no longer is supported and the 2017 deprecated elements will not appear in the 2020 Taxonomy as deprecated items or in deprecated relationships. One hundred seventy-six elements deprecated with the 2017 Taxonomy will be removed because they are no longer available for use.
Related Links
- Notification (PDF)
- Release Notes on Proposed Technical Improvements (PDF)
- Proposal on Variable Interest Entities Modeling (PDF)
- Proposal on Reference Project (PDF)
- Proposal on Transition Methods (PDF)
- Proposal on Retirement Benefits (PDF)
- Implementation Guide on Transition Modeling (PDF)
Comment Due Date: November 01/02/03, 2019
Keywords: Americas, US, Banking, Insurance, Reporting, Taxonomy, Technical Improvements, US GAAP, FASB
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