FASB’s Q&A Document on Applying the U.S. GAAP Financial Reporting Taxonomy to COVID-19 Pandemic and Relief Disclosures

In response to frequently asked questions, the Financial Accounting Standards Board (FASB) Taxonomy staff published a question and answer (“Q&A”) document on how to apply the U.S. GAAP Financial Reporting Taxonomy (“Taxonomy”) for disclosures relating to the effects of the COVID-19 pandemic and relief activities. www.fasb.org/cs/Satellite?c=FASBContent_C&cid=1176174772475&pagename=FASB%2FFASBContent_C%2FGeneralContentDisplay

The Q&A document covers the following disclosure topics:

1. Income taxes
2. Payroll taxes
3. Loans
4. Grants
5. Pensions
6. General discussions of the COVID-19 pandemic