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
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.