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FASB staff proposes taxonomy improvements and implementation guide

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

Aug 31, 2018

In August 2018, the Financial Accounting Standards Board (FASB) staff issued proposed improvements related to the U.S. GAAP Financial Reporting Taxonomy.

Specifically, the staff proposed taxonomy enhancements related to (1) Accounting Standards Update (ASU) No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement, and (2) the proposed ASU, Codification Improvements to Topic 326, Financial Instruments — Credit Losses. In addition, the staff has issued a proposed taxonomy implementation guide, Insurance, Long-Duration Contracts.

Comments on the proposed taxonomy improvements related to fair value measurement disclosures are due by September 27, 2018.

Comments on the proposed taxonomy improvements related to the proposed ASU on credit losses are due by September 19, 2018.

Comments on the proposed implementation guide are due by October 16, 2018.

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.