The 2020 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements, including an initial set of Data Quality Committee Rules.
The Financial Accounting Standards Board (FASB) published a new Q&A that covers applying the US GAAP Financial Reporting Taxonomy on disclosures related to effects of COVID-19. Topic areas covered include: Income taxes Payroll taxes Loans Grants Pensions Overall discussion of the COVID-19 pandemic. Read the Q&A.
The SEC announced the availability of FASB Implementation Guides covering the following topics: Accounting Changes Financing Receivable and Current Expected Credit Loss Disclosures Insurance—Long-Duration Contracts Leases under Topic 842 Retirement Benefits—Phase 3 Revenue from Contracts with Customers (Including Statement Presentation of Revenue and Cost of Revenue) Read the announcement. Access the guides.
The agenda will include: An update from the SEC staff Discussion of the application of the Taxonomy for Accounting Standards Updates (ASUs) that are effective this year, in particular, Credit Losses. Improvement in modeling in the areas of: How to tag accounting changes Variable Interest Entities and Equity Method Investments Retirement Benefits—Phase 3 Categorization of […more]
DQC Rules are now available in the FASB US GAAP Taxonomy. Shouldn’t every SEC filer use them?
XBRL US announced today that the Financial Accounting Standards Board (FASB) has incorporated freely available validation rules into the 2020 release of the US GAAP Financial Reporting Taxonomy. The rules, developed by the XBRL US Data Quality Committee (DQC) are used by public company filers to identify and resolve errors in their XBRL financials prior […more]
FASB Staff Issues a Proposed Taxonomy Implementation Guide on Leases under Topic 842 and a Proposed Taxonomy Implementation Guide on Revenue from Contracts with Customers under Topic 606 for Comment Leases under Topic 842, includes new examples that highlight the reporting of right-of-use assets in a classified statement of financial position and an unclassified statement […more]
The FASB approach to incorporating new ASUs into XBRL data standards.
Building a taxonomy is a team effort. Found out how the US GAAP Taxonomy was developed, and how it’s maintained today.
FASB Chairman to Address Importance of Standardized Data in Setting Accounting Standard, at XBRL Investor Forum, Nov 4 in NY
FASB Chairman Russ Golden to keynote XBRL US Investor Forum.
Topics to be covered include blockchain, artificial intelligence, new reporting domains like municipal securities reporting, and more.