The Financial Accounting Standards Board (FASB) has released for public review and comment proposed GAAP Taxonomy Improvements for the proposed Accounting Standards Update (ASU) on Topic 818, Environmental Credits and Environmental Credit Obligations, along with related release notes.
The proposed ASU on credit losses is intended to:
- improve the accounting for environmental credits and environmental credit obligations
- provide comprehensive recognition, measurement, presentation, and disclosure requirements for all entities that own environmental credits or have an environmental obligation that may be settled with environmental credits
Interested parties may visit fasb.org to review the proposed GAAP taxonomy improvements and submit comments via email to xbrled@fasb.org through April 15, 2025. Please include the appropriate File Reference Number “2024-ED910” as the subject.
Source:
FASB Staff Issues Proposed GAAP Taxonomy Improvements for Proposed Update on Environmental Credits and Environmental Credit Obligations (fasb.org)
