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FASB Issues Taxonomy Q&A Related to COVID-19 Pandemic and Relief Disclosures

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

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.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.