Proposed Updates to Future* U.S. GAAP Financial Reporting Taxonomy – 1) Financial Instruments-Credit Losses and 2) Business Combinations
Feb. 15, 2019
The Financial Accounting Standards Board (FASB) has published the following Proposed Accounting Standards Updates for public comment:
1) Targeted Transition Relief for Topic 326, Financial Instruments-Credit Losses and the related release . The proposed taxonomy improvements will include adding two elements for fair value option disclosures. The public comment period will end on March 8, 2019.
2) Business Combinations (Topic 805): Revenue from Contracts with Customers-Reorganization an and the related release notes. The proposed taxonomy improvements will include adding a new element for 2019 accounting standards update disclosure. The public comment period will end on April 30, 2019.
These are part of the proposed taxonomy updates to the U.S. GAAP financial reporting taxonomy released throughout the year as updates to the FASB Accounting Standards occur. After the comment period for each proposed update, the updates are included in the Development Taxonomy for a future annual update as determined by the compliance date for the relevant accounting standard update. The annual U.S. GAAP financial reporting taxonomy, published in the last quarter of each calendar year, is a compilation of taxonomy updates released during the year. While each proposed update has a comment period, the annual GAAP Taxonomy has no public comment period for Accounting Standard Update changes.
Comments on these proposed taxonomy updates and the related support materials should be submitted 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 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 for updated information on when the Commission approves changes, if any, related to the EDGAR Filer Manual.
*The taxonomy version will be determined per the effective date of the final Accounting Standards Update.