FASB Proposes Improvements to 2021 US GAAP Reporting Taxonomy
FASB proposed taxonomy improvements to the reference project for the 2021 US GAAP Financial Reporting Taxonomy, with the comment period on the proposals ending on November 09, 2020. The accompanying release notes describe the proposed taxonomy technical improvements to the 2020 taxonomy that were made to help users locate the appropriate element and understand the role type assigned to the reference. These improvements are designed to reduce inconsistencies in application and enhance the intended use of the elements. A complete list of proposed improvements have been provided in the Appendix to the release notes.
As part of the ongoing project to improve references, the FASB Accounting Standards Codification paragraphs in Sections 45, 50, and S99 of almost 20 topics were evaluated and references were added to elements that met those presentation and disclosure requirements. Reference roles assigned indicate the order of precedence and are meant to assist with element selection for the elements intended to meet reporting requirements. 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 but are commonly used to meet the requirements (commonPraticeRef role). In this phase of the reference project, more than 600 elements were improved, which resulted in more than 450 additions and almost 500 deletions. Most of the references that were added were assigned either a "disclosureRef" or "commonPraticeRef" role. References that were not reviewed in this phase of the Reference Project will continue to maintain the legacyRef role until they are evaluated.
Related Links
Comment Due Date: November 09, 2020
Keywords: Americas, US, Banking, Reporting, US GAAP, Taxonomy, Reference Project, Taxonomy Improvements, FASB
Featured Experts
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Laurent Birade
Advises U.S. and Canadian financial institutions on risk and finance integration, CCAR/DFAST stress testing, IFRS9 and CECL credit loss reserving, and credit risk practices.
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Previous Article
ECB Amends Annexes to Guide on Qualification of Capital InstrumentsRelated Articles
NGFS Updates Address Short-Term Climate Scenarios and Transition Plans
The Network for Greening the Financial System (NGFS) is exploring the development of short-term climate scenarios to complement its existing scenario framework of long-term climate scenarios.
ISSB Updates Address ESG Issues while IASB Consults on Impairments
The International Sustainability Standards Board (ISSB) is seeking feedback, until August 09, 2023, on the exposure draft that sets out the methodology proposed by ISSB to amend the Sustainability Accounting Standards Board (SASB) Standards' metrics
ESRB Publishes Report on Cryptos and DeFi; ECB Updates on Digital Euro
The European Systemic Risk Board (ESRB) published a report that outlines the systemic implications of crypto markets and proposes policy options to address the risks stemming from crypto-assets and decentralized finance or DeFi.
EU Agencies Issue Updates on DORA, ESAP, and Crowdfunding Regulation
The European Supervisory Authorities (ESAs) published a discussion paper on their joint advice to the European Commission (EC) on proposals to specify criteria for critical information and communication technology (ICT) third-party service providers
UK Authorities Issue Updates, Finalize Policy on Model Risk Management
The Prudential Regulation Authority (PRA) finalized the model risk management principles for banks, the policy statement PS5/23 on risks from contingent leverage, and PS4/23 on moving senior managers regime forms from the PRA Rulebook.
APRA Revises Implementation Timeline for Operational Risk Standard
The Australian Prudential Regulation Authority (APRA) updated the implementation date of the new cross-industry prudential standard CPS 230 on operational risk management
BCBS Consults on Basel FAQs and Amendments, Issues Other Updates
The Basel Committee on Banking Supervision (BCBS) published a report assessing implementation of the global Basel standards on net stable funding ratio (NSFR) and large exposures (LEX) in South Africa
EBA Announces Multiple Regulatory and Reporting Updates in April 2023
The European Banking Authority (EBA) published consultations on the amendments to the guidelines on risk-based anti-money laundering and countering the financing of terrorism (AML/CFT) supervision
FSB Issues Statement on USD LIBOR Transition, Issues Other Updates
The Financial Stability Board (FSB) released a report that offers insights into how financial institutions incorporate climate-related metrics into their compensation frameworks
ACPR Issues Updates on Reporting by Banks and on DLT Pilot Scheme
The French Prudential Supervisory Authority (ACPR) published reporting updates for the banking sector
