FASB staff launched a consultation on two Taxonomy Implementation Guides based on the 2020 U.S. GAAP Financial Reporting Taxonomy, which is pending acceptance by the SEC. One of the proposed guides refers to the Revenue from Contracts with Customers while the other one refers to Leases under Topic 842. The proposed guide on leases includes new examples that highlight the reporting of right-of-use assets in a classified statement of financial position and an unclassified statement of financial position. The comment period for the proposed guides ends on February 24, 2020.
The proposed guide on leases is intended to demonstrate the modeling for reporting of leases under Topic 842. The examples provided in the guide are not intended to encompass all of the potential modeling configurations or to dictate the appearance and structure of an entity’s extension taxonomy. The examples have been provided to help users of the taxonomy to understand how the modeling for leases under Topic 842 is structured within the taxonomy. The examples are based on the assumption that an entity meets the criteria for reporting leases under Topic 842 under the GAAP and/or SEC authoritative literature. The reported line items within the examples do not include all reporting requirements and represent only partial disclosures and statements for illustrative purposes. Changes from the 2017 version of the Implementation Guide have been presented in Appendix A to the 2020 Taxonomy Implementation Guide.
Comment Due Date: February 24, 2020
Keywords: Americas, US, Banking, Securities, Leases, Leases Standard, Topic 842, Taxonomy, Taxonomy Implementation Guide, Reporting, Accounting, GAAP, GAAP Taxonomy, SEC, FASB
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
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