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FASB Staff Issues Proposed Taxonomy Implementation Guide on Disclosures about Offsetting Assets and Liabilities

June 3, 2022

The Financial Accounting Standards Board (FASB) staff has published a proposed Taxonomy Implementation Guide (Guide) based on the 2022 U.S. Generally Accepted Accounting Principles Financial Reporting Taxonomy related to disclosures about offsetting assets and liabilities.

The proposed Guide demonstrates the modeling for the reporting of balance sheet offsetting under FASB Accounting Standards Codification Subtopic 210-20 by providing an overview and examples of the modeling. The public comment period for the proposed Guide will end on June 17, 2022. 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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