FASB Proposes Updates To U.S. GAAP Financial Reporting Taxonomy

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The Financial Accounting Standards Board ("FASB") proposed updating the U.S. Generally Accepted Accounting Principles ("GAAP") financial reporting taxonomy.

United States Accounting and Audit

The Financial Accounting Standards Board ("FASB") proposed updating the U.S. Generally Accepted Accounting Principles ("GAAP") financial reporting taxonomy. The FASB requested comments on the following proposals:

Targeted Transition Relief for Topic 326, Financial Instruments - Credit Losses, which includes adding two elements for fair value option disclosures (comment period ends on March 8, 2019); and
Business Combinations (Topic 805): Revenue from Contracts with Customers - Recognizing an Assumed Liability (a consensus of the FASB Emerging Issues Task Force), which includes adding a new element for 2019 accounting standards update disclosure (comment period ends on April 30, 2019).

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FASB Proposes Updates To U.S. GAAP Financial Reporting Taxonomy

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Accounting and Audit

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United States