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FASB proposes taxonomy improvements for proposed ASUs

  • FASB XBRL Image

Feb 23, 2018

The FASB has issued for comment proposed taxonomy improvement documents related to (1) leases and (2) benchmark interest rates for hedge accounting.

The proposed taxonomy improvements related to the proposed ASU, Leases (Topic 842) — Targeted Improvements, would introduce four new elements and eight reference additions. Comments on these taxonomy improvements are due by April 7, 2018.

The proposed taxonomy improvements related to the proposed ASU, Derivatives and Hedging (Topic 815): Inclusion of the Overnight Index Swap (OIS) Rate Based on the Secured Overnight Financing Rate (SOFR) as a Benchmark Interest Rate for Hedge Accounting Purposes, would introduce two new elements and modify two labels. Comments on these taxonomy improvements are due by April 22, 2018.

In its related action alert, the FASB noted a change in how taxonomy improvements will be issued:

Effective January 1, 2018, proposed Taxonomy improvements for proposed Accounting Standards Updates (ASUs) will have a formal comment period concurrent with the issuance of the proposed ASU. The past practice of an annual 60-day comment period on the entire Taxonomy in the September-October timeframe is hereafter replaced by comment periods for the individual proposed Taxonomy improvements; however, the FASB Taxonomy Online Review and Comment System (TORCS) is operational throughout the year.

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.