The Financial Accounting Standards Board (FASB) has issued three proposed Taxonomy Implementation Guides (Implementation Guides) based on the US GAAP Reporting Taxonomy. The guides provide additional guidance and further insight for preparers using the taxonomy when creating their XBRL documents. The guides have been assessed by various advisors, including the SEC, industry resource groups, and members of the Taxonomy Advisory Group (TAG), and are neither authoritative nor the result of actions taken by the FASB.
The three proposed Implementation Guides cover the following matters related to:
reporting of accounting changes, and demonstrating the modeling for reporting transitions upon adoption of amendments from an Accounting Standards Update (ASU) or other accounting changes under FASB Accounting Standards Codification (ASC) Topic 250, Accounting Changes and Error Corrections, and Topics amended by an ASU. For further details, see the GAAP Taxonomy Implementation Guide, Accounting Changes.
reporting of Chapter 11 reorganization under ASC Topic 852, Reorganizations. For further details, see the GAAP Taxonomy Implementation Guide, Reorganizations.
reinsurance-related disclosures of insurance companies, including retention-related items, effects of reinsurance, and the supplemental schedule of reinsurance under ASC Topic 944, Financial Services—Insurance. For further details, see the GAAP Taxonomy Implementation Guide, Insurance: Reinsurance-related Disclosures.
The FASB Taxonomy staff is requesting comment on the completeness of the guides, whether more examples would be helpful, and whether there are segments that are unclear or inaccurately modeled. The public may submit feedback on the three proposed Implementation Guides until May 11, 2022. Comments should be sent directly via email to the FASB.