On November 23, FASB issued proposed updates to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy concerning the Proposed Accounting Standards Update (ASU) on Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The proposed taxonomy updates are comprised of new elements, element deprecations, reference revisions, and updates to documentation and standard labels.
The proposed update to the US GAAP Financial Reporting Taxonomy is one of many released throughout the year as proposed Accounting Standards Updates are issued. The US GAAP Financial Reporting Taxonomy is issued in the last quarter of each calendar year and includes all of the taxonomy updates. Each proposed taxonomy update has a public comment period. However, the annual release of the taxonomy version for that year does not provide a public comment period for feedback related to taxonomy changes for Accounting Standards Updates.
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. The availability for public comment of the proposed US GAAP GRT improvements does not indicate SEC approval of any potential regulatory changes related to the EDGAR Filer Manual. Visit the SEC’s EDGAR webpage for updated information on when the SEC approves changes, if any, related to the EDGAR Filer Manual.
The taxonomy version for proposed improvements related to proposed Accounting Standards Updates will be determined based on the effective date of each final Accounting Standards Update.
The FASB is seeking feedback related to the proposed updates through December 23, 2021. Interested parties may submit comments via email to email@example.com or by mail to “Chief of Taxonomy Development, File Reference No. 2021-006, FASB, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116. All comments received are part of the FASB’s public file and made available on the GAAP Taxonomy Comment Letters page at fasb.org.