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

The FASB staff has issued two proposed taxonomy implementation guides on leases and revenue from contracts with customers. The proposals are based on the 2020 U.S. GAAP Financial Reporting Taxonomy, which is pending acceptance by the SEC.

The proposed guide on leases includes “new examples that highlight the reporting of right-of-use assets in a classified statement of financial position and an unclassified statement of financial position.”

The proposed guide on revenue includes new examples that illustrate the modeling for revenue from contracts with customers.

Com­ments on the proposed U.S. GAAP tax­on­omy improvements are due by February 24, 2020. For more information, see the 2020 taxonomy page on the FASB’s Web site.