FASB Staff Proposes Improvements to U.S. GAAP Financial Reporting Taxonomy

The FASB staff has proposed technical and other conforming improvements to the 2020 U.S. GAAP Financial Reporting Taxonomy.

The proposed improvements include the following:

• “New elements to accommodate lease, revenue and banking regulation disclosures.”
• “Deprecations for guidance that has been superseded.”
• “Modified standard and documentation labels for maturity schedule elements and banking regulations.”
• “Modified references related to elements for long-duration insurance.”

Comments on the proposed U.S. GAAP taxonomy improvements are due by November 2, 2019. For more information, see the release notes on the FASB’s Web site.