The Financial Accounting Standards Board (FASB) has proposed technical and other conforming improvements for the 2022 GAAP Financial Reporting Taxonomy, with the comment period on the proposal ending on November 01, 2021. As part of the ongoing development and maintenance of the GAAP Financial Reporting Taxonomy, technical and other conforming improvements are being made in addition to those from the Accounting Standards Updates issued in 2021. Such improvements can 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 for:
- Credit losses, excluding accrued interest
- Reinsurance contracts
- Pledged assets
- Debt obligations with recourse
- Change in reporting entity
- Balance sheet offsetting
- Financial statement location of values not reported separately
Comment Due Date: November 01, 2021
Keywords: Americas, US, Banking, Reporting, US GAAP, Taxonomy, Credit Losses, IFRS 9, Credit Risk, FASB
Previous ArticleEIOPA Welcomes EC Proposals on Review of Solvency II
The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.
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.
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.
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.