FASB used SEC XBRL data from 2014 to identify over USD $1 trillion in undiscounted lease obligations that were being reported in footnotes. Read about the resulting guidance.
We like to keep you abreast of developments at the major accounting standards bodies. To that end, the Financial Accounting Standards Board (FASB), which sets accounting standards in the US and is responsible for the US GAAP Taxonomy, has released its outlook for 2016, including results of a stakeholder survey on its future agenda. One […]
The 2016 DRAFT US GAAP Taxonomy is available for comment. Deadline is 31 October.
FASB has released the 2015 US GAAP Financial Reporting Taxonomy (Pending SEC Acceptance). Major changes were confined to those related to Accounting Standard Updates, and input from the Insurance Industry Resource Group to remove redundancies. The increase in deprecated elements in comparison to the 2014 Taxonomy is the result of a review to reduce unused and redundant […]
A new XBRL US Working Group covering the Construction, Energy and Transportation (CET) industries, is working on the untapped potential for XBRL’s use in the private sector. The working group will spearhead the extension of the US GAAP Taxonomy to cover the processing of surety bonds, which provide financial guarantees to a project’s owner that […]
The Financial Accounting Standards Board (FASB) will hold a forum to discuss financial disclosures on December 1, 2014. Pace University will be hosting the event at the Schimmel Center in New York City. The forum is designed to provide an opportunity to engage in a constructive dialogue regarding the current state of financial disclosure and […]
The US Financial Accounting Standards Board (FASB) has released the proposed 2015 GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is October 31, 2014.
The FASB has added three additional implementation guides to its XBRL Series: Insurance – Concentration of Credit Risk Disclosures; Insurance – Reinsurance Related Disclosures; and Segment Reporting. The guides are designed to help users of the U.S. GAAP Financial Reporting Taxonomy understand how certain disclosures are structured within the Taxonomy. All guides are available at www.fasb.org. http://www.istockphoto.com/photo/business-team-drawing-a-new-project-38668322?st=2321bff