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    FASB Proposes Taxonomy Changes Related to Topics 848 and 470

    September 16, 2019

    FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting. Also being proposed are the taxonomy improvements for the proposed Accounting Standards Update on topic 470 on simplifying the classification of debt in a classified balance sheet. The comment period for consultation on the proposed taxonomy improvements for topic 848 ends on October 07, 2019 while the comment period for consultation on the taxonomy improvements for topic 470 ends on October 28, 2019.

    These accompanying release notes describe proposed taxonomy improvements that will be required on finalization of the proposed taxonomy improvements for the proposed Accounting Standards Updates on topics 848 and 470. The Financial Accounting Foundation and FASB are responsible for the ongoing development and maintenance of the U.S. GAAP Financial Reporting Taxonomy. As a part of the ongoing development and maintenance of the taxonomy, the Proposed Accounting Standards Updates are reviewed to determine if updates to the taxonomy are needed to meet new or modified financial reporting requirements.


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    Comment Due Date: October 07, 2019 (topic 848)/October 28, 2019 (topic 470)

    Keywords: Americas, US, Banking, Insurance, Securities, Accounting, Reference Rate Reforms, Taxonomy, Classification of Debt, Topic 848, Topic 470, Reporting, FASB

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