On October 5th, the FASB issued for a request for comment on proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy. The comment period ends on November 3, 2022.
The proposed improvements include:
New reporting elements, such as elements for related parties from remodeling of the topic, useful lives and depreciation methods, deferred revenue related to long-duration insurance contracts, and disclosures by business development companies
Deprecations for guidance that has been superseded and to improve consistency and structure from topical projects and other reviews including reporting information for related parties, for treasury shares, and by business development companies
Period type changes on durationItemType elements to improve the usability of the information by aligning with the related monetary elements’ period type
Changes to standard and documentation labels to clarify elements and improve appropriate usage
Changes to references to assist with element selection
Comments on the proposed technical and other conforming improvements can be submitted by emailing them to email@example.com or by sending them to Chief of Taxonomy Development, FASB 801 Main Avenue, P.O. Box 5116, Norwalk, CT 06856-5116. Refer to File Reference No. 2023-2000.