Featured Product

    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.

     

    Related Links

    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

    Featured Experts
    Related Articles
    News

    OSFI Issues Results of Pilot on Climate Risk Scenario Analysis

    The Office of the Superintendent of Financial Institutions (OSFI) published an update on the discussion paper that intended to engage federally regulated financial institutions and other interested stakeholders in a dialog with OSFI, to proactively enhance and align assurance expectations over key regulatory returns.

    January 20, 2022 WebPage Regulatory News
    News

    EC Issues Regulation on Adjustments to K-Factor Coefficients Under IFR

    The European Commission (EC) published a report summarizing responses to the targeted consultation on the supervisory convergence and the single rulebook in the European Union (EU).

    January 20, 2022 WebPage Regulatory News
    News

    ECB Issues Opinions on Green Bonds Standard and CRR Proposals

    The European Central Bank (ECB) published its opinion on a proposal for a regulation on European green bonds, following a request from the European Parliament.

    January 19, 2022 WebPage Regulatory News
    News

    ESRB Explores Policy Response to Risks Arising from Digitalization

    The Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) published a report that explores the expected impact of digitalization on provision of financial and banking services, and proposes policy measures to address the risks stemming from digitalization.

    January 18, 2022 WebPage Regulatory News
    News

    HKMA Consults on FIRO Code, Revises Policy on Foreign Exchange Risk

    The Hong Kong Monetary Authority (HKMA) is consulting on the draft Financial Institutions (Resolution) Ordinance (Cap. 628), or FIRO, Code of Practice chapter on liquidity and funding in resolution, until March 14, 2022.

    January 18, 2022 WebPage Regulatory News
    News

    FI Publishes Multiple Regulatory and Reporting Updates

    The Swedish Financial Supervisory Authority (FI) announced that the capital adequacy reporting as at December 31, 2021 must be done by February 11, 2022.

    January 17, 2022 WebPage Regulatory News
    News

    EU Authorities Address COVID-19 Reporting, MCD, and PSD2 Issues

    The European Banking Authority (EBA) announced that the guidelines on the reporting and disclosure of exposures subject to measures COVID-relief measures shall continue to apply until further notice.

    January 17, 2022 WebPage Regulatory News
    News

    BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance

    The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.

    January 16, 2022 WebPage Regulatory News
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7903