FASB Proposes Improvements to 2022 GAAP Financial Reporting Taxonomy
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
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Comment Due Date: November 01, 2021
Keywords: Americas, US, Banking, Reporting, US GAAP, Taxonomy, Credit Losses, IFRS 9, Credit Risk, FASB
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