FASB published proposed technical and other conforming improvements for the 2019 US GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy. The comment period taxonomies ends on October 13, 2018.
These release notes for the 2019 US GAAP Financial Reporting Taxonomy describe the proposed taxonomy technical and other conforming improvements to the 2018 Taxonomy that were made to address public comments; common reporting practices; projects designed to improve the utility of the Taxonomy; migration of certain elements from the Taxonomy to the SEC Reporting Taxonomy; elements related to prior Accounting Standards Updates that were retained for transition purposes; and recommendations from the industry resource groups. These improvements are designed to reduce inconsistencies in application and enhance the intended use of the elements, while minimizing the effect on instance documents prepared using prior versions of the Taxonomy and the effect on users and systems that consume these instance documents.
The proposed 2019 SEC Reporting Taxonomy contains elements moved from the 2018 Taxonomy, for elements in which the underlying recognition and measurement are not specified by GAAP and elements that are only referenced to SEC literature. The SEC Reporting Taxonomy elements whose underlying recognition and measurement are not specified by GAAP include dimensional elements such as "Scenario [Axis]” and its members "Forecast [Member]" and "Pro Forma [Member]." All of the elements in the SEC Taxonomy continue to be available for use by GAAP filers but will have a different namespace than in the 2018 Taxonomy.
Comment Due Date: October 13, 2018
Keywords: Americas, US, Accounting, Reporting, Taxonomy, SEC Reporting Taxonomy, GAAP Taxonomy, FASB
Previous ArticleIFRS Releases Taxonomy Formula Linkbase 2018
EU published Directive 2021/338, which amends the Markets in Financial Instruments Directive (MiFID) II and the Capital Requirements Directives (CRD 4 and 5) to facilitate recovery from the COVID-19 crisis.
The Standing Committee of the European Free Trade Association (EFTA) recommended that a systemic risk buffer level of 4.5% for domestic exposures can be considered appropriate for addressing the identified systemic risks to the stability of the financial system in Norway.
In a recent statement, PRA clarified its approach to the application of certain EU regulatory technical standards and EBA guidelines on standardized and internal ratings-based approaches to credit risk, following the end of the Brexit transition.
In a recently published letter addressed to the G20 finance ministers and central bank governors, the FSB Chair Randal K. Quarles has set out the key FSB priorities for 2021.
EU published, in the Official Journal of the European Union, a corrigendum to the revised Capital Requirements Regulation (CRR2 or Regulation 2019/876).
ESAs published a joint supervisory statement on the effective and consistent application and on national supervision of the regulation on sustainability-related disclosures in the financial services sector (SFDR).
EC published a public consultation on the review of crisis management and deposit insurance frameworks in EU.
HKMA announced that enhancements will be made to the Special 100% Loan Guarantee of the SME Financing Guarantee Scheme (SFGS) and the application period will be extended to December 31, 2021.
EBA launched consultations on the regulatory and implementing technical standards on cooperation and information exchange between competent authorities involved in prudential supervision of investment firms.
BoE issued a letter to the CEOs of eight major UK banks that are in scope of the first Resolvability Assessment Framework (RAF) reporting and disclosure cycle.