Featured Product

    FASB Proposes Improvements to 2020 US GAAP Reporting Taxonomy

    October 04, 2019

    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    • Deprecations for guidance that has been superseded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

    Comment Due Date: November 01/02/03, 2019

    Keywords: Americas, US, Banking, Insurance, Reporting, Taxonomy, Technical Improvements, US GAAP, FASB

    Featured Experts
    Related Articles
    News

    EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    MAS Amends Notice on Related Party Transactions of Banks

    MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.

    April 08, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Euro Short-Term Rate

    ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.

    April 07, 2021 WebPage Regulatory News
    News

    EBA Consults on Standards Related to FRTB-SA

    EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).

    April 07, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules Related to IRB Approach for Credit Risk

    PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.

    April 07, 2021 WebPage Regulatory News
    News

    BoE Outlines Regulatory Treatment of Recovery Loan Scheme of UK

    The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    FSB Addresses G20 on COVID Measures, TBTF Reforms, and Climate Risks

    FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    OSFI Unwinds Temporary Increase to Covered Bond Limit for Banks

    OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.

    April 06, 2021 WebPage Regulatory News
    News

    EU Amends CRR and Securitization Regulation in Response to Pandemic

    To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).

    April 06, 2021 WebPage Regulatory News
    News

    HM Treasury Announces G7 Agreement on Green Agenda Ahead of COP26

    HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.

    April 06, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6821