Featured Product

    FASB Proposes Improvements to 2020 US GAAP Reporting Taxonomy

    October 04, 2019

    FASB proposed technical and other conforming improvements for the 2020 U.S. GAAP Financial Reporting Taxonomy, with the comment period for these improvements closing on November 02, 2019. Additionally, FASB proposed taxonomy improvements for the variable interest entities modeling, the reference project, the accounting standards update on transition methods, and the phase 3 of retirement benefits topical focus project under the 2020 U.S. GAAP Financial Reporting Taxonomy. Also proposed were the taxonomy implementation guides for the accounting standards update titled "Adoption Transition Modeling" and update related to the phase 3 of retirement benefits.

    The comment period on the proposed taxonomy improvements for variable interest entities modeling and reference project ends on November 01, 2019; for accounting standards update on transition methods ends on November 02, 2019; and for phase 3 of retirement benefits topical focus project November 03, 2019. The comment period for the proposed taxonomy implementation guide for accounting standards update adoption transition modeling ends on November 02, 2019 and for phase 3 of retirement benefits ends on November 03, 2019. The proposed technical improvements for the 2020 U.S. GAAP Financial Reporting Taxonomy include:

    • New elements to accommodate lease, revenue, and banking regulation disclosures
    • Deprecations for guidance that has been superseded
    • Modified standard and documentation labels for maturity schedule elements and banking regulations
    • Modified references related to elements for long-duration insurance

    As a result of the EDGAR Release 19.2, the 2017 Taxonomy no longer is supported and the 2017 deprecated elements will not appear in the 2020 Taxonomy as deprecated items or in deprecated relationships. One hundred seventy-six elements deprecated with the 2017 Taxonomy will be removed because they are no longer available for use.

     

    Related Links

    Comment Due Date: November 01/02/03, 2019

    Keywords: Americas, US, Banking, Insurance, Reporting, Taxonomy, Technical Improvements, US GAAP, FASB

    Featured Experts
    Related Articles
    News

    BoE Clarifies Approach to Treatment of Payment Holidays on Form PL

    BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.

    August 11, 2020 WebPage Regulatory News
    News

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    News

    FED Announces Capital Requirements for Large Banks

    FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.

    August 10, 2020 WebPage Regulatory News
    News

    SRB Publishes Guidance on Implementation of Bail-In Tool

    SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.

    August 10, 2020 WebPage Regulatory News
    News

    BIS Publishes Update on G20 TechSprint Initiative

    BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.

    August 10, 2020 WebPage Regulatory News
    News

    OSFI Provides Update on Implementation of IFRS 17 in Canada

    OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.

    August 07, 2020 WebPage Regulatory News
    News

    EBA Provides Clarity on Implementation of Guidance on COVID Reporting

    EBA updated the report on the implementation of selected COVID-19 policies.

    August 07, 2020 WebPage Regulatory News
    News

    FSI Note Discusses Challenges Associated with COVID Relief Measures

    The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.

    August 06, 2020 WebPage Regulatory News
    News

    BCBS Consults on Principles for Operational Risk and Resilience

    BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.

    August 06, 2020 WebPage Regulatory News
    News

    BoE Updates Template and Definitions for Form ER

    BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.

    August 05, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5649