Posted on Wednesday, August 14, 2019

The Financial Accounting Standards Board (FASB) has published the following Proposed Accounting Standards Updates for public comment:

1) Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 and the related release notes. The proposed taxonomy improvements include adding an element to indicate whether an accounting standards update was early adopted. The public comment period will end on August 30, 2019.

2) Codification Updates to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification, and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates and the related release notes. The proposed taxonomy improvements include adding an element to indicate inclusion or exclusion of a legal entity in the financial statements. The public comment period will end on August 28, 2019.

Comments on these proposed taxonomy updates 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.

Read the SEC Release.