FASB Proposes Taxonomy Changes Related to Topics 848 and 470
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.
Related Links
- 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
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.
Previous Article
BoE, FCA, and MAS Announce Collaboration on Cyber SecurityRelated Articles
APRA Decides to Standardize Submission Date for Quarterly Reporting
APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.
Bundesbank Publishes Supporting Documentation for Reporting by Banks
Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.
ECB Working Group Publishes Recommendations on EURIBOR Fallbacks
The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).
EBA Publishes Phase 1 of Reporting Framework 3.1
EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).
APRA to Finalize Capital Adequacy Standard Revisions by January 2022
Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA
ESMA Issues Guidelines on Outsourcing to Cloud Service Providers
ESMA published the final guidelines on outsourcing to cloud service providers.
EBA Publishes Data on Deposit Guarantee Schemes
EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.
OSFI Sets Out Plan for Future Guidance on Managing Technology Risk
OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans.
MAS Updates Housing Loan Rules, Proposes Corporate Governance Guidance
MAS updated rules for new housing loans by banks and finance companies.
HKMA Publishes Guideline on Sustainable Finance Grant Scheme
HKMA published a statement on the 100% Personal Loan Guarantee Scheme and a guideline on the Green and Sustainable Finance Grant Scheme (GSF Grant Scheme) as announced in the 2021-22 Budget.
