On October 1st, the Financial Accounting Standards Board (FASB) issued
proposed technical and other conforming changes for the 2022 US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the associated
release notes for public comment. The Financial Accounting Foundation (FAF) and the FASB are jointly responsible for the ongoing development and maintenance of the GAAP Financial Reporting Taxonomy (GRT). Along with maintenance of the GRT, technical and other conforming improvements are made in addition to those concerning Accounting Standards Updates issued in 2021. These improvements are now open for public review.
The connected release notes detail the proposed GRT technical and other conforming improvements to the 2021 GRT that address common reporting practices, public comments, projects intended to enhance the utility of the GRT, and elements concerning prior Accounting Standards Updates retained for transition purposes. Specifically, the proposed changes will incorporate the following improvements:
- element additions for several accounting topics
- element deprecations for superseded accounting guidance
- improved consistency and structure for topical projects and other reviews
- modifications to standard and documentation labels to clarify elements and improve appropriate usage
- updates made to references to assist with element selection
The modifications will also introduce new elements for reporting including:
- credit losses excluding accrued interest
- reinsurance contracts
- balance sheet offsetting
- financial statement location of values not reported separately
- change in reporting entity
- debt obligations with recourse
- pledged assets
The FASB is soliciting feedback to determine if users of the US GAAP Financial Reporting Taxonomy agree with the proposed technical and other conforming changes, and if they feel more of these changes are needed. Comments on the proposed changes may be submitted by emailing FASB directly. Responses must be received on or by November 1st. The SEC staff encourages interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.
The request for public comment on the proposed US GAAP Financial Reporting Taxonomy update does not indicate SEC approval of any potential regulatory changes regarding the EDGAR Filer Manual. As a reminder, only annual compilations of the US GAAP Financial Reporting Taxonomy that are specified on the SEC’s website may be used in SEC XBRL submissions. Visit the SEC’s Current EDGAR Filer Manual webpage on sec.gov for updated information on when the SEC approves changes, if any, concerning the EDGAR Filer Manual.
Source:
FASB Staff Issues Proposed Changes for 2022 US GAAP Financial Reporting Taxonomy (sec.gov)
Proposed Technical and Other Conforming Changes for the 2022 U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy (fasb.org)
Release Notes (fasb.org)
