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No Proposed Update to U.S. GAAP Financial Reporting Taxonomy for Proposed Effective Date Changes to Credit Losses, Hedging, and Leases

Aug. 21, 2019

The Financial Accounting Standards Board (FASB) has published Proposed Accounting Standards Update-Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates and the related release notes for public comment. The FASB has proposed that the changes to the accounting standards do not require any changes to the U.S. GAAP Financial Reporting Taxonomy.

The public comment period for Credit Losses, Hedging, and Leases, will end on September 16, 2019.

Proposed taxonomy updates to the U.S. GAAP financial reporting taxonomy are 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 this proposed taxonomy update 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 http://www.sec.gov/info/edgar/tech-specs for updated information on when the Commission approves changes, if any, related to the EDGAR Filer Manual.

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