FASB Staff Proposes GAAP Taxonomy Improvements Related to Policy-Election Relationships

The FASB staff has issued a proposal, Policy Election Element Relationships. The proposal is intended to “improve [GAAP taxonomy] usefulness for preparers and investors by including explicit relationships between structured policy election elements and their related monetary or numeric elements.”

Comments on the proposal are due by November 4, 2022. For more information, see the release notes on the FASB’s Web site.