The Financial Accounting Standards Board (FASB) has published Proposed Taxonomy Updates for SEC Release No. 33-10835: Update of Statistical Disclosures for Bank and Savings and Loan Registrants and for Proposed Accounting Standards Update—Leases (Topic 842): Targeted Improvements, and the related release notes. The proposed taxonomy updates related to SEC Release No. 33-10835 include new and deprecated elements, as well as modifications to documentation labels, standard labels, and references. The proposed taxonomy updates related to the Proposed Accounting Standards Update include new and deprecated elements, as well as modifications to references. These taxonomy updates will affect the U.S. GAAP Financial Reporting Taxonomy and the SEC Reporting Taxonomy (collectively, the Taxonomies).

The public comment period for the proposed taxonomy updates related to the SEC Release No. 33-10835 and the Proposed Accounting Standards Update will end on November 16, 2020 and December 4, 2020, respectively.

These proposed taxonomy updates to the Taxonomies are few of many released throughout the year as Proposed Accounting Standards Updates and relevant SEC rules 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.

The FASB is seeking feedback on whether users of the Taxonomies agree with the proposed improvements and whether additional improvements are needed. 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 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 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 taxonomy version for proposed improvements related to Proposed Accounting Standards Updates will be determined based on the effective date of each final Accounting Standards Update.