FASB consultation on taxonomy implementation guidance – closing soon!
The US Financial Accounting Standards Board (FASB) has invited feedback on two updated drafts in the GAAP Taxonomy Implementation Guide series. These guides address specific aspects of reporting under the US Generally Accepted Accounting Principles, or GAAP, and aim to support implementation of the XBRL taxonomies used in GAAP reporting: the GAAP Financial Reporting Taxonomy and the SEC Reporting Taxonomy, together known as the ‘GAAP Taxonomy.’
Comments on the ‘Financial Instruments—Debt Securities’ guide close today, 9 July 2021 – so if you are interested in the reporting of debt securities take a look and respond now! You have a little longer to consider the second, on ‘Financing Receivable and Current Expected Credit Loss Disclosures,’ which is open for comment until 26 July 2021. The guides each provide an overview and examples of how modelling for disclosures on these topics – debt securities and financing receivables respectively – is structured within the GAAP Taxonomy, with a focus on detail tagging.
FASB has also published a first ‘Taxonomy Implementation Note Style Guide.’ The Style Guide describes what a Taxonomy Implementation Note (TIN) is, the parts and roles of a TIN, and the criteria for including a TIN on an element in the GAAP Taxonomy, using a structured and consistent framework. Comments on this are also due by 26 July 2021.
If you have input to offer on any or all of these, we very much encourage you to respond, and help improve taxonomy implementation and ultimately XBRL reporting.