FASB issues Covid-19 Q&A for US GAAP Taxonomy
Regulators the world over are concerned that public companies provide as much transparency as possible about the impact of the pandemic on their operations. For example ESMA, the SEC, Japan’s JFSA, Brazil’s CVM, and IOSCO itself have recently provided advisories in this area.
This week the Taxonomy Team at FASB provided a range of supporting information for US listed, GAAP reporting, companies that are starting to get ready to make their next quarterly disclosures. The FASB Staff Q&A provides recommendations about tag selection in a number of areas, with the aim of ensuring consistency and comparability in pandemic-related disclosures. A very good idea! See the run down provided over here.