FASB Issues Taxonomy Q&A Related to COVID-19 Pandemic and Relief Disclosures
Jun 22, 2020
On June 22, 2020, the Financial Accounting Standards Board (FASB) staff has issued a Q&A on the “application of the US GAAP Financial Reporting Taxonomy (Taxonomy) to disclosures related to the effects of the coronavirus (also referred to as COVID-19) pandemic and relief efforts.”
The Q&A focuses on disclosures related to:
- Income taxes.
- Payroll taxes.
- Loans.
- Grants.
- Pensions.
- Overall discussion of the COVID-19 pandemic.
For more information, see the press release on the FASB’s Web site.