FASB Proposes Taxonomy Improvements for ASU on Credit Losses

By Regulatory News

September 21, 2018

FASB staff issued proposed taxonomy improvements for the Accounting Standards Update (ASU) on measurement of credit losses on financial instruments (Topic 326). The comment period on the proposed taxonomy improvements ends on November 02, 2018.

The Financial Accounting Foundation (FAF) 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, ASUs are reviewed to determine if updates to the taxonomy are needed to meet new or modified financial reporting requirements. The release notes describe taxonomy improvements that are pending approval as part of the annual update process and that will be required for the ASU on measurement of credit losses on financial instruments.

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Comment Due Date: November 02, 2018

Keywords: Americas, US, Banking, Accounting, Financial Instruments, Reporting, Taxonomy, Credit Losses, IFRS 9, Topic 326, FASB

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