No Proposed Update to U.S. GAAP Financial Reporting Taxonomy for Accounting Standards Update on Goodwill Impairment
Jan. 8, 2021
The Financial Accounting Standards Board (FASB) has published Proposed Accounting Standards Update (ASU) for Intangibles—Goodwill and Other (Topic 350): Accounting Alternative for Evaluating Triggering Events which would affect private companies and not-for-profit entities that only report in-scope financial information on an annual basis. The FASB has proposed that no changes be made to the U.S. GAAP Financial Reporting Taxonomy as a result of this Proposed ASU.
The public comment period for this Proposed ASU (including the proposal to make no changes to the U.S. GAAP Financial Reporting Taxonomy) ends on January 20, 2021. The FASB requests that any stakeholders who believe that improvements to the U.S. GAAP Financial Reporting Taxonomy are required should provide their comments and suggested improvements directly to the FASB. 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 ASU 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.