FASB Staff Proposes Taxonomy Implementation Guides Related to Accounting Changes and Segment Reporting

The FASB has released the following proposed GAAP taxonomy implementation guides:

• Accounting Changes — Shows the “modeling for the reporting of the transition upon adoption of amendments from an Accounting Standards Update (ASU) or other accounting changes under [ASC 250] and Topics amended by an ASU.”
• Segment Reporting (After Adoption of Accounting Standards Update 2023-07 — Demonstrates the “modeling for segment reporting (after adoption of the amendments in [ASU] 2023-07).”

Comments on the proposed guide on accounting changes are due by February 21, 2025; comments on the proposed guide on segment reporting are due by March 25, 2025.