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
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
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
BoE Updates Process for Credit Quality Review of CCFF IssuersRelated Articles
BIS Paper Studies Impact of Fintech Lending on Small Businesses in US
The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.
UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks
The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).
EBA Launches EU-Wide Transparency Exercise in 2022
The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.
SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks
The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."
EC Rule Lists Advanced Economies for Market Risk Capital Calculations
The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.
EBA Publishes Final Regulatory Standards on STS Securitizations
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.
ECB Further Reviews Costs and Benefits Associated with IReF
The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.
EBA Publishes Funding Plans Report, Receives EMAS Certification
The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).
MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures
The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.
BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules
The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.
