FASB proposed taxonomy improvements for the proposed Accounting Standards Update on topic 848 on facilitation of effects of reference rate reform on financial reporting. Also being proposed are the taxonomy improvements for the proposed Accounting Standards Update on topic 470 on simplifying the classification of debt in a classified balance sheet. The comment period for consultation on the proposed taxonomy improvements for topic 848 ends on October 07, 2019 while the comment period for consultation on the taxonomy improvements for topic 470 ends on October 28, 2019.
These accompanying release notes describe proposed taxonomy improvements that will be required on finalization of the proposed taxonomy improvements for the proposed Accounting Standards Updates on topics 848 and 470. The Financial Accounting Foundation and FASB are responsible for the ongoing development and maintenance of the U.S. GAAP Financial Reporting Taxonomy. As a part of the ongoing development and maintenance of the taxonomy, the Proposed Accounting Standards Updates are reviewed to determine if updates to the taxonomy are needed to meet new or modified financial reporting requirements.
- Notification (PDF)
- Release Notes for Topic 848 (PDF)
- Release Notes for Topic 470 (PDF)
- Proposed Update on Topic 848 (PDF)
- Proposed Update on Topic 470 (PDF)
Comment Due Date: October 07, 2019 (topic 848)/October 28, 2019 (topic 470)
Keywords: Americas, US, Banking, Insurance, Securities, Accounting, Reference Rate Reforms, Taxonomy, Classification of Debt, Topic 848, Topic 470, Reporting, FASB
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
The Prudential Regulation Authority (PRA) issued the policy statement PS20/21, which contains final rules for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies.
The European Banking Authority (EBA) published the final report on the guidelines specifying the criteria to assess the exceptional cases when institutions exceed the large exposure limits and the time and measures needed for institutions to return to compliance.
The European Banking Authority (EBA) revised the guidelines on stress tests to be conducted by the national deposit guarantee schemes under the Deposit Guarantee Schemes Directive (DGSD).
The Hong Kong Monetary Authority (HKMA) issued a circular, for all authorized institutions, to confirm its support of an information note that sets out various options available in the loan market for replacing USD LIBOR with the Secured Overnight Financing Rate (SOFR).
The Office of the Comptroller of the Currency (OCC) issued a new "Problem Bank Supervision" booklet of the Comptroller's Handbook. The booklet covers information on timely identification and rehabilitation of problem banks and their advanced supervision, enforcement, and resolution when conditions warrant.
The Monetary Authority of Singapore (MAS) launched a consultation on the standards for market risk capital and the associated reporting requirements for banks incorporated in Singapore.
The tech lab of the Federal Deposit Insurance Corporation (FDIC) selected three winning teams in a tech sprint designed to explore new technologies and techniques to help banks meet the needs of unbanked consumers.
PRA published a "Dear CEO" letter that sets out findings of a review on the reliability of regulatory reporting and reiterates the supervisory expectations on regulatory reporting.
The Australian Prudential Regulation Authority (APRA) confirmed that its new data collection solution APRA Connect will go live on September 13, 2021.