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    FASB Proposes Taxonomy Implementation Guide for CECL Disclosures

    June 29, 2021

    FASB proposed the GAAP Taxonomy Implementation Guide on financing receivables and on the current expected credit loss disclosures, based on the 2021 GAAP Financial Taxonomy and the 2021 SEC Reporting Taxonomy (collectively referred to as the GAAP Taxonomy). The purpose of this proposed guide is to demonstrate the modeling for disclosures related to financing receivables under FASB Accounting Standards Codification Topic 310 on receivables and Topic 326 on credit losses. The proposed Implementation Guide includes new elements in the first example to accommodate guidance in the Accounting Standards Update on codification improvements to Topic 326 on credit losses, Topic 815 on derivatives and hedging, and Topic 825 on financial instruments. The comment period for this proposal ends on July 26, 2021.

    The examples included 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 or disclosures in its financial statements. The examples are provided to help users of GAAP Taxonomy understand how the modeling for disclosures related to financing receivables is structured within the GAAP Taxonomy. Examples are based on the assumption that the entity meets the criteria for reporting financing receivables under GAAP and/or SEC authoritative literature. In addition, the reported line items within the examples do not include all reporting requirements and represent only partial disclosures and statements for illustrative purposes.

    In addition, FASB has proposed the Taxonomy Implementation Note Style Guide (Style Guide). The purpose of the proposed Style Guide is to describe Taxonomy Implementation Note and the criteria used for including a Taxonomy Implementation Note on an element in the GAAP Financial Reporting Taxonomy, using a structured and consistent framework. A Taxonomy Implementation Note provides additional information to assist with appropriate selection of an element and its intended use. The Taxonomy Implementation Notes are generally needed to clarify elements when there are alternatives in selection or value such as positive/negative value, before/after adoption of new guidance, and statement/disclosure usage. Taxonomy Implementation Notes may be temporary and removed in a future GAAP Financial Reporting Taxonomy. Temporary Taxonomy Implementation Note generally accompanies the Accounting Standards Updates when different elements are needed to accommodate the transition options or adoption timing. The Taxonomy Implementation Notes are removed when the transition period has passed or upon the effective date of the Accounting Standards Update. The comment period ends on July 26, 2021.

     

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    Comment Due Date: July 26, 2021

    Keywords: Americas, US, Banking, Financial Instruments, CECL, Accounting Standards Update, Reporting, Taxonomy, Taxonomy Implementation Note, Derivatives and Hedging, Topic 326, Topic 815, Topic 825, FASB

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