FASB Issues Proposed Updates for Future* Taxonomies Related to Proposed ASU on Fair Value Hedging
May 13, 2021
The Financial Accounting Standards Board (FASB) has published proposed updates to the U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy (collectively, the Taxonomies) related to the Proposed Accounting Standards Update (ASU) on Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Method. The proposed updates to the taxonomies will include new elements, newly added references to transition elements, and modified documentation and standard labels. The proposed updates will also include element deprecations and reference deletions. The public comment period on the proposed updates will end on July 5, 2021.
These proposed updates to the Taxonomies are several of many released throughout the year as proposed Accounting Standards Updates are issued. The Taxonomies are 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 Taxonomies’ version for that year does not provide a public comment period for feedback related to taxonomy changes for Accounting Standards Updates.
Comments 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 Taxonomies that are specified on the Commission’s website may be used in SEC XBRL submissions. The availability for public comment of the proposed updates to the Taxonomies 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 taxonomies’ version for proposed improvements related to proposed Accounting Standards Updates will be determined based on the effective date of each final Accounting Standards Update.