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FASB Taxonomy staff issues implementation guidance

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Feb 12, 2016

The FASB Taxonomy staff has issued “a final GAAP Financial Reporting Taxonomy (Taxonomy) Implementation Guide, Short-duration Insurance Contracts (Taxonomy Version 2016), and a proposed Taxonomy Implementation Guide, Dimensional Modeling for Financing Receivable Disclosures.”

As stated in the FASB’s Action Alert, the “final Implementation Guide . . . provides examples to help users of the Taxonomy understand how the modeling for short-duration insurance contracts is structured within the Taxonomy. The proposed Taxonomy Implementation Guide . . . provides examples to help users of the Taxonomy understand how the modeling for disclosures of financing receivables has been restructured within the Taxonomy.” Com­ments on the pro­posed guide are due by April 10, 2016.

In addition, an “updated Taxonomy Change Application (TCApp V16) was also posted to the FASB website, as well as changes to the Development Taxonomy for the early adoption of FASB Accounting Standards Update No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (Update 2016-10).

For more in­for­ma­tion about the guides, see the FASB’s Web site.

Related Topics

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.