Wednesday, May 17. 2023
FASB Releases Proposal to Clarify Accounting Guidance Regarding Profits Interest Awards
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.
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Friday, May 12. 2023
FAF Trustees Improve Stakeholder Feedback Procedures and Disclosure Requirements for Standard-Setting Boards
The Board of Trustees of the Financial Accounting Foundation (FAF) has announced an enhancement that will facilitate stakeholders’ ability to raise potential concerns about compliance with the due process procedures of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). This is part of FAF’s continuing endeavor to improve its oversight activities and to further increase disclosure requirements for stakeholders. The enhancement gives stakeholders the ability to flag and report to the FAF’s Oversight Committee (Committee) supposed failures by either the FASB or the GASB to follow their due process procedures as defined in the FAF By-Laws.
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Thursday, March 30. 2023
FASB Proposes GAAP Taxonomy Improvements for Proposed ASU for Income Tax Disclosures
The Financial Accounting Standards Board (FASB) has published GAAP Taxonomy Improvements for a proposed Accounting Standards Update (ASU) concerning income tax disclosures.
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FASB Releases ASU for Investments in Tax Credit Structures
On March 29th, the Financial Accounting Standards Board (FASB) published an Accounting Standards Update (ASU) titled “Topic 323, Investments—Equity Method and Joint Ventures: Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method”. The ASU is a consensus of the FASB’s Emerging Issues Task Force (EITF).
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Wednesday, March 29. 2023
FASB Proposes GAAP Taxonomy Improvements for Proposed ASU Regarding Disclosure of Crypto Assets
The Financial Accounting Standards Board (FASB) has published proposed GAAP Taxonomy Improvements for a proposed Accounting Standards Update (ASU).
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Tuesday, March 28. 2023
FASB Releases ASU to Enhance Guidance for Topic 842, Leases
On March 27th, the Financial Accounting Standards Board (FASB) published an Accounting Standards Update (ASU) that adds enhancements to the guidance for applying Topic 842, Leases to arrangements between entities under common control. Some stakeholders shared concerns with applying Topic 842 to related party arrangements between entities under common control during the process of FASB’s post-implementation review (PIR) of Topic 842.
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Thursday, March 23. 2023
SEC Issues 2023 XBRL Taxonomies Update
On March 20, 2023, the SEC upgraded the EDGAR system to Release 23.1. The system now supports the 2023 reporting taxonomies. The SEC does not anticipate the removal of the 2021 versions of any taxonomies to occur before June 2023. For more information and a complete list of supported standard taxonomies, visit the Standard Taxonomies webpage on sec.gov.
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Posted by LeAnn Dey
in EDGAR News, FASB News, GoFiler Updates, IFRS Taxonomy, SEC, US GAAP Taxonomy
at
15:46
Tuesday, March 21. 2023
FASB to Host Webinar on 2023 GAAP/SRT and Enhancements to SEC Reporting Taxonomy
The Financial Accounting Standards Board (FASB) will host a webinar to discuss improvements made to both the 2023 GAAP Financial Reporting Taxonomy for recently published FASB Accounting Standards Updates and the 2023 SEC Reporting Taxonomy (SRT). The improvements made were based on the 2023 Taxonomy Releases, which included compiled feedback and internal analysis. The 90-minute webinar will take place on Tuesday, April 11, 2023 and will begin at 1:00 p.m. ET. {expires: 2023-04-12}
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Posted by LeAnn Dey
in Accounting, Data Quality Committee, Events, FASB News, SEC, SEC Filing Help, US GAAP Taxonomy
at
17:35
Tuesday, February 21. 2023
FASB Proposes GAAP Taxonomy Reference Style Guide, Solicits Feedback
On February 15th, the Financial Accounting Standards Board (FASB) published a proposed GAAP Taxonomy Reference Style Guide and updated the GAAP Frequently Asked Questions (FAQ) section to include new guidance on tagging.
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Friday, January 06. 2023
FASB Staff Extends Comment Period on Proposed Meta Model Relationships
In October 2022, the Financial Accounting Standards Board (FASB) issued the Invitation to Comment, Proposed Meta Model Relationships. The initial comment period, which was set to end on January 10, 2023, has been extended to May 11, 2023.
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Thursday, December 08. 2022
FASB Staff Releases Proposed GAAP Taxonomy Enhancements for Proposed ASU Regarding Leases (Topic 842), Solicits Comment
On November 30th, the Financial Accounting Standards Board (FASB) released for comment the proposed GAAP taxonomy improvements for the proposed Accounting Standards Update (ASU), which is aimed at improving accounting guidance for lease arrangements between entities under common control.
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Financial Accounting Foundation Releases New Strategic Plan
The Board of Trustees of the Financial Accounting Foundation (FAF) has released the final version of its new strategic plan. The FAF is the organization that oversees the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Because stakeholder feedback is the foundation of the organization’s work, the new strategic plan is based on extensive engagement with stakeholders via comment letters, an online survey, and a number of individual interviews.
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Wednesday, November 16. 2022
FASB Issues Proposed Investment Companies Taxonomy Implementation Guide
On November 15th, the Financial Accounting Standards Board (FASB) released a proposed Taxonomy Implementation Guide. The Guide is premised on the proposed 2023 GAAP Financial Reporting Taxonomy, which is currently awaiting SEC acceptance and subject to change until the finalized version is published. The newly proposed Guide, Financial Services—Investment Companies (Including SEC S-X Schedules for Business Development Companies), is comprised of examples intended to help users of the taxonomy understand how the reporting framework for investment companies is structured within the taxonomy.
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Thursday, October 06. 2022
FASB Releases Proposed Technical and Other Improvements for 2023 GAAP Taxonomy
On October 5th, the FASB issued for a request for comment on proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy. The comment period ends on November 3, 2022.
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Thursday, September 15. 2022
FASB Releases Proposed Changes and Technical Guide for 2023 SEC Reporting Taxonomy, Solicits Comment
On September 8th, the FASB announced that it has released for public review and comment proposed technical and other conforming improvements for the 2023 SEC Reporting Taxonomy (SRT) along with the related release notes. The technical and conforming modifications made to the SRT are designed to improve its overall utility.
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