Media Advisory 06-22-20

FASB Issues Taxonomy Staff Q&A Document on How to Apply the Taxonomy to COVID-19 Pandemic and Relief Disclosures


Norwalk, CT—June 22, 2020—The Financial Accounting Standards Board (FASB) Taxonomy staff today issued a question-and-answer document (Q&A) that responds to frequently asked questions about the application of the US GAAP Financial Reporting Taxonomy (Taxonomy) to disclosures related to the effects of the coronavirus (also referred to as COVID-19) pandemic and relief efforts.

In recent weeks, stakeholders have asked how the Taxonomy should be used for the disclosures related to the effects of COVID-19. The FASB staff developed this Q&A to provide information on applying the Taxonomy related to disclosures for this unique and evolving situation on the basis of the information and feedback it has received to date.

The FASB staff will continue to monitor questions and communicate with stakeholders as appropriate.

The Q&A is available at www.fasb.org/COVID19.