On September 5th, the Financial Accounting Standards Board (FASB) staff issued the Proposed 2025 Data Quality Committee Rules Taxonomy (DQCRT), which details XBRL US’ Data Quality Committee’s (DQC) validation rules for regulator use. Individuals and organizations may review and comment on the updates proposed in the DQCRT through October 7, 2024. Continue reading "FASB Releases Proposed 2025 DQCRT for Review..." »

On August 6th, the Financial Accounting Standards Board (FASB) issued its 2024 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 ways the FASB intends to continue expanding on its goals to broaden investor outreach efforts. The viewpoints of investors enhance the FASB’s ability to develop effective standards, so the organization places special importance on pursuing a number of efforts to interact with stakeholders. Continue reading "FASB Publishes 2024 Investor Outreach Report" »

The Financial Accounting Standards Board (FASB) has re-exposed for public comment proposed GAAP Taxonomy Improvements for a proposed Accounting Standards Update, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The update is intended to enhance disclosures related to a public business entity’s expenses. The update is designed also to address the requests of investors for more comprehensive data about the types of expenses in commonly presented expense captions. Continue reading "FASB Re-Exposes Proposed GAAP Taxonomy..." »

On August 2nd, the Financial Accounting Standards Board (FASB) released a proposed Taxonomy Implementation Guide, Income Taxes (Topic 740), which is based on the 2024 GAAP Financial Reporting Taxonomy (GRT). The proposed guide is designed to illustrate how income taxes are reported under FASB Accounting Standards Codification Topic 740. Note that it focuses only on detail tagging (Level 4). Continue reading "FASB Publishes Proposed Taxonomy Implementation..." »

The Financial Accounting Standards Board (FASB) has released proposed GAAP Taxonomy Improvements for the proposed Accounting Standards Update (ASU), Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for a Share-Based Payment from a Customer in a Revenue Contract. Continue reading "FASB Publishes Proposed GAAP Taxonomy..." »

On March 18, 2024, the SEC upgraded the EDGAR system to Release 24.1. The system now supports the 2024 XBRL reporting taxonomies. The SEC does not anticipate the removal of the 2022 versions of any taxonomies to occur before June 2024. Continue reading "SEC Issues 2024 XBRL Taxonomies Update" »

On January 26th, the Financial Accounting Standards Board (FASB) released two proposed Taxonomy Implementation Guides based on the 2024 US GAAP Financial Reporting Taxonomy, which is currently under consideration by the SEC. These guides focus on the XBRL modeling for the reporting of leases and reporting by investment companies. Continue reading "FASB Releases Proposed Taxonomy Implementation..." »

Last month the FASB released proposed updates to the US GAAP Financial Reporting Taxonomy (GRT) related to a proposed Accounting Standards Update (ASU) on Debt with Conversion and Other Options. Updates to the proposed taxonomy will include new elements and reference modifications. The proposed updates to the GRT are just some of several updates released throughout the year as proposed ASUs are issued. The GRT, which includes all of these taxonomy updates, is published in the last quarter of each calendar year. Continue reading "FASB Publishes Proposed Updates for US GAAP..." »

On November 2nd, the Financial Accounting Standards Board (FASB) staff released for public comment proposed improvements for references in the 2024 US GAAP Financial Reporting Taxonomy and the related release notes. As part of the FASB staff’s ongoing efforts to review the taxonomy references for further improvement, the proposed improvements would, among other things, add references to sections 45, 50, and S99 of certain accounting topics in the FASB’s Accounting Standards Codification. Continue reading "FASB Issues Improvements for 2024 US GAAP..." »

On October 6th, the Financial Accounting Standards Board (FASB) staff released proposed technical and other conforming improvements for the 2024 US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the related release notes for public review and comment. Continue reading "FASB Publishes Technical and Other Improvements..." »

The Financial Accounting Standards Board (FASB) staff has released proposed technical and other conforming enhancements for the 2024 SEC Reporting Taxonomy and the related release notes for public review and comment. The proposed taxonomy enhancements include new elements related to disclosures about share repurchase programs and insurance and modified references changes which comprise a range of topics as part of the FASB staff's ongoing efforts to maintain current references for all of the elements. Continue reading "FASB Publishes Technical and Other Improvements..." »

The SEC’s Division of Economic and Risk Analysis (DERA) has announced that it has concluded its assessment of the way filers are tagging write-offs for their credit quality indicator disclosures in their Form 10-K and their allowance for credit loss. The assessment was conducted only on those filers that have financing receivables and follow Accounting Standards Codification (ASC), Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, a set of accounting standards that modernized the way entities measure credit losses on financial instruments published by the Financial Accounting Standards Board (FASB) in March 2022. Continue reading "SEC Issues Findings on Tagging Allowance for..." »

On July 31st, the Financial Accounting Standards Board (FASB) released a proposed Accounting Standards Update (ASU) that would require public companies to provide disclosures in financial statements about that company’s expenses that would help investors make informed decisions concerning investments. Investors benefit greatly by understanding a company’s performance, assessing a company’s prospects for future cash flows, and having the ability both to observe a company’s performance over time and to compare with that of other companies. Continue reading "FASB Issues Proposed ASU to Enhance Income..." »

The Financial Accounting Standards Board (FASB) staff has published GAAP Taxonomy Improvements for a proposed Accounting Standards Update (ASU), which addresses stakeholder concerns regarding comparability and complexity related to purchased financial assets. Continue reading "FASB Staff Issues Proposed GAAP Taxonomy..." »

On May 11th, the Financial Accounting Standards Board (FASB) released a proposed Accounting Standards Update (ASU) designed to enhance generally accepted accounting principles (GAAP) by including illustrative guidance to help entities determine whether profits interest and similar awards should be considered a share-based payment arrangement within the scope of Topic 718, Compensation—Stock Compensation. The FASB is inviting interested parties to submit feedback on the proposed update. Continue reading "FASB Releases Proposal to Clarify Accounting..." »