FASB Issues Implementation Guides for 2020 US GAAP Reporting Taxonomy
In connection with the release of the 2020 U.S. GAAP Financial Reporting Taxonomy, FASB has published the final 2020 FASB Taxonomy Implementation Guides. These guides cover topics such as certain accounting changes, financing receivable and current expected credit loss (CECL) disclosures, long-duration insurance contracts, and leases (under Topic 842). These implementation guides are intended to provide preparers with additional insight and supplemental guidance for utilizing the taxonomy as they create their XBRL documents.
FASB issued the 2020 Taxonomy Implementation Guides including the following:
- Implementation Guide on Accounting Changes—The purpose of this guide is to demonstrate the modeling for reporting of the transition on adoption of amendments from an Accounting Standards Update or other accounting changes under FASB Accounting Standards Codification Topic 250 (Accounting Changes and Error Corrections) and topics amended by an Accounting Standards Update.
- Implementation Guide on Financing Receivable and Current Expected Credit Loss Disclosures—The purpose of this guide is to demonstrate the dimensional modeling for disclosures related to financing receivables under FASB Accounting Standards Codification Topics 310 and 326 and any topic amended by an Accounting Standards Update.
- Implementation Guide on Long-Duration Insurance Contracts—The purpose of this guide is to demonstrate the modeling for disclosures related to long-duration insurance contracts.
- Implementation Guide on Leases under Topic 842—The purpose of guide is to demonstrate the modeling for reporting of leases under Topic 842.
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Keywords: Americas, US, Banking, Insurance, Leases, Accounting, Insurance Contracts, Taxonomy, US GAAP, Reporting, XBRL, CECL, Disclosures, Topic 842, FASB
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