FASB Issues Proposed Updates for Future* Taxonomy Related to Proposed ASU on Revenue Contracts Acquired in a Business Combination
Jan. 8, 2021
The Financial Accounting Standards Board (FASB) has published proposed updates to the U.S. GAAP Financial Reporting Taxonomy related to the Proposed Accounting Standards Update (ASU) on Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The proposed taxonomy updates will include a new member element and newly added references to transition elements. The public comment period on the proposed update will end on March 15, 2021.
This proposed update to the U.S. GAAP Financial Reporting Taxonomy is one of many released throughout the year as proposed Accounting Standards Updates are issued. The U.S. GAAP Financial Reporting Taxonomy is published in the last quarter of each calendar year and incorporate all of these taxonomy updates. While each proposed taxonomy update has a public comment period, the annual release of the taxonomy version for that year does not provide a public comment period for feedback related to taxonomy changes for Accounting Standards Updates.
Comments should be . The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.
Only annual compilations of the U.S. GAAP Financial Reporting Taxonomy that are specified on the Commission’s website may be used in SEC XBRL submissions. The availability for public comment of the proposed U.S. GAAP Financial Reporting Taxonomy update does not indicate Commission approval of any potential regulatory changes related to the EDGAR Filer Manual. Please refer to the SEC’s EDGAR webpage at https://www.sec.gov/edgar/filer-information/current-edgar-filer-manual for updated information on when the Commission approves changes, if any, related to the EDGAR Filer Manual.
*The taxonomy version for proposed improvements related to proposed Accounting Standards Updates will be determined based on the effective date of each final Accounting Standards Update.