The Financial Accounting Standards Board (FASB) recently issued its 2021 Investor Outreach Report, which is now available through the FASB’s Investor Web Portal. The report details the investor outreach program, the program’s activities during the last year, and the ways the FASB intends to continue expanding on its goals to broaden investor outreach efforts. Continue reading "FASB Publishes 2021 Investor Outreach Report" »

The Financial Accounting Standards Board (FASB) staff has issued the XBRL US Proposed DQC Rules Taxonomy (DQCRT) for the US GAAP and SEC reporting taxonomies. Also released is the accompanying Proposed Technical Guide. Both are available for public review and comment until September 23, 2021. {expires: 2021-09-24} Continue reading "FASB Releases Proposed DQC Rules Taxonomy and..." »

The Financial Accounting Standards Board (FASB) recently released a proposed XBRL Taxonomy Implementation Guide for Financing Receivable and Current Expected Loss (CECL) disclosures. This guide is based on and in accordance with the SEC Reporting Taxonomy and the US Generally Accepted Accounting Principles Financial Reporting (US GAAP) Taxonomy. The proposed Implementation Guide provides illustrations of disclosures concerning financing receivables pursuant to FASB Accounting Standards Codification, Topics 310, Receivables, and 326, Financing Instruments–Credit Losses. Elements for text blocks, policy text blocks, and table text blocks (Levels 1-3) are not included in the Guide. The publication places focus on detail tagging only (Level 4). {expires: 2021-07-27} Continue reading "FASB Publishes Taxonomy Implementation Guide..." »

On May 26, 2021, the Financial Accounting Foundation (FAF) posted its 2020 Annual Report, themed “Standards That Work from Main Street to Wall Street”. Continue reading "Financial Accounting Foundation Publishes 2020..." »

The Financial Accounting Standards Board (FASB) has recently issued proposed updates to the US GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy related to the proposed Accounting Standards Update (ASU) on Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Method. The proposed revisions to the taxonomies will include: 1) new elements, 2) newly added references to transition elements, 3) modified documentation and standard labels, 4) element deprecations, and 5) reference deletions. {expires: 2021-07-06}
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XBRL US has announced that it will host an online workshop discussing the governance structure established by the Financial Accounting Standard Board (FASB) to ensure that investors, issuers, data intermediaries, and application providers are not only involved in the process of continuing taxonomy development, but also are apprised of changes in reporting requirements that will affect them. The remote event will take place on Wednesday, April 21, 2021, beginning at 3:00 p.m. EDT and will last approximately 60 minutes. {expires: 2021-04-22} Continue reading "XBRL US to Host Webinar Standards for..." »

On February 24, the SEC announced that the Financial Accounting Standards Board (FASB), the organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP), has published two proposed Taxonomy Implementation Guides. These guides are based on the 2021 US GAAP Financial Reporting Taxonomy, which is currently under consideration by the SEC. {expires: 2021-03-13}
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The Financial Accounting Standards Board (FASB) has published the proposed 2021 XBRL US Data Quality Committee Rules Taxonomy (DQCRT) and its corresponding technical guide. The DQCRT integrates XBRL US Data Quality Committee (DQC) validation rules in the US GAAP Financial Reporting Taxonomy for discretionary use by filers. The FASB has also issued its own SEC Reporting Taxonomy technical guide for the proposed 2021 SEC Reporting Taxonomy.
Continue reading "FASB Seeks Public Comment on XBRL US Data..." »

The Financial Accounting Standards Board (FASB) staff has issued guidance on how to implement Extensible Enumerations (EE) 2.0 in XBRL-formatted reporting. The implementation of EE 2.0 will begin with the 2021 US GAAP Financial Reporting and SEC Reporting (SRT) taxonomies. Continue reading "FASB Issues Guidance on Implementation of..." »

On September 1, 2020, the Financial Accounting Standards Board (FASB), the organization responsible for the ongoing development and maintenance of the SEC Reporting Taxonomy (SRT), announced proposed technical enhancements for the 2021 SEC Reporting Taxonomy. The planned improvements were published in a set of release notes that describe the proposed upgrades, which were designed to improve the overall functionality of the SRT. Continue reading "FASB Holds Public Review for Tech Enhancements..." »

The Financial Accounting Standards Board (FASB) has released a written question-and-answer (Q&A) document discussing topics relevant to financial disclosure related to the COVID-19 pandemic. The guidance and responses provided in the Q&A should not be extrapolated to other facts and circumstances not specifically discussed. Continue reading "FASB Releases Q&A on the Application of the..." »

The Financial Accounting Standards Board (FASB) has published Proposed Accounting Standards Update-Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities and the related release notes for public comment. The FASB has indicated that these changes to the accounting standards would not require any changes to the US GAAP Financial Reporting Taxonomy.
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The Financial Accounting Standards Board (FASB) has published Proposed Improvements for Proposed Accounting Standards Update – Codification Improvements for public comment. The standard release notes are also included for review. The proposed improvement includes adding references for certain existing elements as well as adding elements for new accounting pronouncement disclosures.

Continue reading "FASB Proposes Update to Future U.S. GAAP..." »

On August 17th, the SEC voted to approve amendments to certain disclosure requirements that have become duplicative, overlapping, or outdated. These changes were proposed in light of other disclosure requirements, modifications to US-GAAP, or developments in the information environment. The SEC is also referring to the Financial Accounting Standards Board (FASB) particular disclosure requirements that overlap with but require information incremental to GAAP. These requirements will be considered for incorporation into US GAAP.

Continue reading "SEC Adopts Amendments to Simplify and Update..." »

With the last EDGAR release, the Securities and Exchange Commission updated EDGAR to accept the US GAAP 2018 taxonomy among other new taxonomies. It’s always a good practice to transition your SEC filings as soon as possible when the SEC accepts the new taxonomy year.

Continue reading "What's New in UGT 2018" »