Featured Product

    FASB Proposes Taxonomy Implementation Guide on Leases Under Topic 842

    January 24, 2020

    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.

     

    Related Links

    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

    Featured Experts
    Related Articles
    News

    EBA Proposes Standards for IRRBB Reporting Under Basel Framework

    The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.

    January 31, 2023 WebPage Regulatory News
    News

    FED Issues Further Details on Pilot Climate Scenario Analysis Exercise

    The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.

    January 17, 2023 WebPage Regulatory News
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8699