The connected release notes detail the proposed GRT technical and other conforming improvements to the 2021 GRT that address common reporting practices, public comments, projects intended to enhance the utility of the GRT, and elements concerning prior Accounting Standards Updates retained for transition purposes. Specifically, the proposed changes will incorporate the following improvements:
element additions for several accounting topics
element deprecations for superseded accounting guidance
improved consistency and structure for topical projects and other reviews
modifications to standard and documentation labels to clarify elements and improve appropriate usage
updates made to references to assist with element selection
The modifications will also introduce new elements for reporting including:
credit losses excluding accrued interest
balance sheet offsetting
financial statement location of values not reported separately
change in reporting entity
debt obligations with recourse
The FASB is soliciting feedback to determine if users of the US GAAP Financial Reporting Taxonomy agree with the proposed technical and other conforming changes, and if they feel more of these changes are needed. Comments on the proposed changes may be submitted by emailing FASB directly. Responses must be received on or by November 1st. The SEC staff encourages interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.
The request for public comment on the proposed US GAAP Financial Reporting Taxonomy update does not indicate SEC approval of any potential regulatory changes regarding the EDGAR Filer Manual. As a reminder, only annual compilations of the US GAAP Financial Reporting Taxonomy that are specified on the SEC’s website may be used in SEC XBRL submissions. Visit the SEC’s Current EDGAR Filer Manual webpage on sec.gov for updated information on when the SEC approves changes, if any, concerning the EDGAR Filer Manual.