FASB proposes updates to GAAP taxonomy

Posted on July 1, 2023 by Editor

The Financial Accounting Standards Board (FASB) has laid out a set of proposed improvements to the US GAAP Taxonomy to take account of changes arising from amendments to the accounting treatment for purchased financial assets exhibiting credit losses. Financial instrument accounting involves some complexity and the proposals are carefully set out in an appendix to the release notes and related request for comments.

Stakeholders are encouraged to provide their feedback by 28 August 2023. Full details here.

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