FASB Issues Proposed Update for Future* Taxonomies Related to ASU No. 2020-09 and Proposed ASUs on Reference Rate Reform and Freestanding Modifications
Nov. 5, 2020
The Financial Accounting Standards Board (FASB) has published proposed Taxonomy Improvements related to:
- a proposed Accounting Standards Update on Reference Rate Reform;
- a proposed Accounting Standards Update on Freestanding Modifications (EITF Issue 19-C); and
- Accounting Standards Update No. 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs pursuant to SEC Release No. 33-10762.
These taxonomy updates will affect the U.S. GAAP Financial Reporting Taxonomy and the SEC Reporting Taxonomy (collectively, the Taxonomies).
The public comment periods on the proposed Taxonomy Improvements related to proposed Accounting Standards Updates on Reference Rate Reform and Freestanding Modifications (EITF Issue 19-C) will end on November 13, 2020 and December 28, 2020, respectively. The public comment period for the proposed Taxonomy Improvements related to Accounting Standards Update No. 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs to SEC Release No. 33-10762, will end on November 27, 2020.
These proposed updates to the Taxonomies are a few 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.
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 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 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.