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
EBA Finalizes Templates for One-Off Climate Risk Scenario Analysis
The European Banking Authority (EBA) has published the final templates, and the associated guidance, for collecting climate-related data for the one-off Fit-for-55 climate risk scenario analysis.
EBA Mulls Inclusion of Environmental & Social Risks to Pillar 1 Rules
The European Banking Authority (EBA) recently published a report that recommends enhancements to the Pillar 1 framework, under the prudential rules, to capture environmental and social risks.
BCBS Consults on Disclosure of Crypto-Asset Exposures of Banks
As a follow on from its prudential standard on the treatment of crypto-asset exposures, the Basel Committee on Banking Supervision (BCBS) proposed disclosure requirements for crypto-asset exposures of banks.
BCBS and EBA Publish Results of Basel III Monitoring Exercise
The Basel Committee on Banking Supervision (BCBS) and the European Banking Authority (EBA) have published results of the Basel III monitoring exercise.
PRA Updates Timeline for Final Basel III Rules, Issues Other Updates
The Prudential Regulation Authority (PRA) recently issued a few regulatory updates for banks, with the updated Basel implementation timelines being the key among them.
US Treasury Sets Out Principles for Net-Zero Financing
The U.S. Department of the Treasury has recently set out the principles for net-zero financing and investment.
EC Launches Survey on G7 Principles on Generative AI
The European Commission (EC) launched a stakeholder survey on the draft International Guiding Principles for organizations developing advanced artificial intelligence (AI) systems.
ISSB Sustainability Standards Expected to Become Global Baseline
The finalization of the two sustainability disclosure standards—IFRS S1 and IFRS S2—is expected to be a significant step forward in the harmonization of sustainability disclosures worldwide.
IOSCO, BIS, and FSB to Intensify Focus on Decentralized Finance
Decentralized finance (DeFi) is expected to increase in prominence, finding traction in use cases such as lending, trading, and investing, without the intermediation of traditional financial institutions.
BCBS Assesses NSFR and Large Exposures Rules in US
The Basel Committee on Banking Supervision (BCBS) published reports that assessed the overall implementation of the net stable funding ratio (NSFR) and the large exposures rules in the U.S.