The Financial Accounting Standards Board (FASB) is seeking comments, until November 03, 2022, on the proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy. In addition, FASB also proposed improvements for the 2023 GAAP Financial Reporting Taxonomy Reference Project, with the comment period ending on November 17, 2022.
The proposed technical and other conforming improvements forms part of the ongoing development and maintenance of the 2023 GAAP Financial Reporting Taxonomy, in addition to those from Accounting Standards Updates issued in 2022. These improvements may result in new elements, updates to documentation and standard labels to clarify elements, and modifications of references to assist with appropriate element selection. The improvements proposed in this release include:
- new elements for reporting on related parties from remodeling of the topic, useful lives and depreciation methods, deferred revenue related to long-duration insurance contracts, and disclosures by business development companies.
- deprecations for guidance that has been superseded and to improve consistency and structure from topical projects and other reviews including reporting information for related parties, for treasury shares, and by business development companies.
- period type changes on durationItemType elements to improve the usability of the information by aligning with the related monetary elements’ period type
- modified standard and documentation labels to clarify elements and improve appropriate usage
- modified references to assist with element selection excluding references modified from review under the reference project expected to be exposed separately.
As part of the ongoing project to improve references, the FASB accounting standards codification paragraphs in sections 45, 50 and S99 of certain topics were evaluated and references were added to elements that meet those presentation and disclosure requirements. These reference roles have been added to assist in understanding how the elements relate to the reporting requirements and to identify which elements explicitly meet the disclosure requirements and which elements are not specifically required. In this phase of the reference project, 730 elements were improved, which resulted in over 1200 additions and 400 deletions. Most of the references added were assigned either a disclosureRef, commonPraticeRef, or exampleRef role. The focus of this phase was on FASB Accounting Standards Codification Topic 320 Investments—Debt Securities, Topic 323 Investments—Equity Method and Joint Ventures, Topic 325 Investments—Other, Topic 460 Guarantees, Topic 730 Research and Development, Topic 946 Financial Services—Investment Companies, and part of Topic 944 Financial Services—Insurance.
Keywords: Americas, US, Banking, Reporting, GAAP Taxonomy, Taxonomy, Insurance, Disclosures, FASB
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
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.
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.
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.
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.
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
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.
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.
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.