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FASB Issues Proposed Taxonomy Implementation Guide for Financing Receivable and Current Expected Credit Loss (CECL) Disclosures, and a Proposed Taxonomy Implementation Note (TIN) Style Guide

July 2, 2021

The Financial Accounting Standards Board (FASB) has published a proposed Taxonomy Implementation Guide (Implementation Guide) based on the U.S. Generally Accepted Accounting Principles Financial Reporting (GAAP) Taxonomy and SEC Reporting Taxonomy. The proposed Implementation Guide provides examples modeling disclosures related to financing receivables under FASB Accounting Standards Codification, Topics 310, Receivables, and 326, Financing Instruments–Credit Losses. The Guide is focused on detail tagging only (Level 4) and does not include elements for text blocks, policy text blocks, and table text blocks (Levels 1 through 3).

The FASB has also published a Taxonomy Implementation Note Style Guide (Style Guide). The Style Guide describes what a Taxonomy Implementation Note (TIN) is, the parts and roles of a TIN, and the criteria for including a TIN on an element in the U.S. GAAP Taxonomy, using a structured and consistent framework.

The public comment period for both Guides will end on July 26, 2021. 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. 

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