On February 24, the SEC announced that the Financial Accounting Standards Board (FASB), the organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP), has published two proposed Taxonomy Implementation Guides. These guides are based on the 2021 US GAAP Financial Reporting Taxonomy, which is currently under consideration by the SEC. {expires: 2021-03-13}
Friday, February 26. 2021
FASB Releases Proposed Taxonomy Implementation Guides for Public Review and Comment
The first proposed guide, Dimensional Modeling for Disclosures of Consolidated and Nonconsolidated Entities, provides 2021 US GAAP Taxonomy users with examples that will facilitate their interpreting of the dimensional modeling for disclosures of consolidated and nonconsolidated entities within the taxonomy. It includes two sections: an Overview of Modeling, which provides a discussion of the modeling for disclosures of consolidated and nonconsolidated entities, and Examples of Modeling, which illustrates modeling examples for these situations.
The second proposed guide, Accounting Changes, includes examples to help 2021 US GAAP Taxonomy users understand how, upon adoption of amendments, the modeling for the reporting of the transition from an Accounting Standards Update or other accounting changes is structured within the taxonomy. This guide also includes an Overview of Modeling section, which provides a discussion of the modeling for the reporting of the transition upon adoption of amendments from an ASU or other accounting changes, as well as an Examples of Modeling section.
Readers should note the examples in these guides are based on the assumption that an entity meets the criteria for reporting disclosures of consolidated and nonconsolidated entities under GAAP and/or SEC authoritative literature. In addition, readers should be advised that the reported line items within the examples may not reflect all reporting requirements.
To continue improving the process of creating and using XBRL-structured financial statements, SEC staff invites individuals, organizations, filers, investors, and other related entities to participate in this public review by sending remarks related to the proposed guides. Public comments concerning Dimensional Modeling for Disclosures of Consolidated and Nonconsolidated Entities must be received by March 3, 2021. Public comments related to Accounting Changes must be received by March 12, 2021. Comments should be submitted directly to the FASB via email at xbrled@fasb.org.
Sources:
Dimensional Modeling for Disclosures of Consolidated and Nonconsolidated Entities (fasb.org)
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