Proposed GAAP Taxonomy Improvements

Proposed improvements to the GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy (collectively referred to as the “GAAP Taxonomy”) have formal comment periods that correspond to the related proposed Accounting Standards Updates (ASU) or other proposed GAAP Taxonomy improvement projects.
 
The information below describes the process for exposing proposed GAAP Taxonomy improvements and includes links for supporting materials that are currently available.
 
Once the due process for proposed GAAP Taxonomy improvements is complete, the improvements and their disposition are listed on the GAAP Taxonomy Improvements (pending Annual Updates) page.
 

How and When GAAP Taxonomy Improvements Are Proposed

 

Proposed Improvements to the GAAP Taxonomy that result from proposed ASUs:  


Proposed GAAP Taxonomy improvements for proposed ASUs are expected to be exposed concurrently with the proposed improvements to GAAP and with a corresponding comment period length, which in most cases is no less than 30 days. Supporting materials are provided to communicate the proposed GAAP Taxonomy improvements.
 

Other proposed GAAP Taxonomy Improvements:


Proposed GAAP Taxonomy improvements related to topical reviews or other improvement projects are expected to have a 30 to 60-day comment period. These exposure periods are not tied to ASUs and may occur throughout the year depending on when the project is completed. The supporting materials for the other proposed improvements will be included in a separate table below.
 
All links to supporting materials for proposed GAAP Taxonomy improvements are provided below. Constituents are notified of proposed GAAP Taxonomy improvements by FASB Action Alerts and are encouraged to subscribe to the “What’s New” newsfeed to stay abreast of GAAP Taxonomy-related improvements. Constituents also are made aware of proposed GAAP Taxonomy improvements in the Appendix of each proposed ASU.  The Appendix directs the reader of the proposed ASU to this Proposed GAAP Taxonomy Improvements page.
 

Comments on Proposed GAAP Taxonomy Improvements


Constituents are encouraged to comment on proposed GAAP Taxonomy Improvements directly in the FASB Taxonomy Online Review and Comment System (TORCS). A link to TORCS is provided here. Individuals providing comments on the taxonomies are required to register with a “user name” and email address. Please note that all comments will be visible to other registered users. In order to process comments, commentators should (1) describe the issue clearly, (2) provide examples and/or frequency of occurrence, and (3) provide a recommendation.
 
Comment letters on proposed GAAP Taxonomy Improvements  should be sent directly to xbrled@fasb.org.  All comment letters are available on the Comment Letters-XBRL page.
 

The Following Proposed GAAP Taxonomy Improvements are currently available for comment:

Proposed Improvements to the GAAP Taxonomy that result from proposed ASUs:

 
PROPOSED GAAP TAXONOMY IMPROVEMENTS AND SUPPORTING MATERIALS
Title/Comment Period Deadline
(End of Comment Period)
ASU
Status
Release
Notes
AP TED TIG Inline
XBRL
Viewer*
XBRL Files**
Proposed Accounting Standards Update—Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method
Issue Date: May 6, 2021
Comment Deadline: July 5, 2021
E Y Y N N N N
Proposed Accounting Standards Update—Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
Issue Date: December 15, 2020
Comment Deadline: March 15, 2021 (Closed)
E Y N N N N N
Proposed Accounting Standards Update—Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Forwards and Options (a consensus of the Emerging Issues Task Force)
Issue Date: October 27, 2020
Comment Deadline: December 28, 2020 (Closed)
E Y Y N N N N
Proposed Accounting Standard Update—Leases (Topic 842)—Targeted Improvements
Issue Date: October 21, 2020
Comment Deadline: December 4, 2020 (Closed)
E Y Y N N N N
Proposed Accounting Standards Update—Derivatives and Hedging (Topic 815): Codification Improvements to Hedge Accounting
Issue Date: November 13, 2019
Comment Deadline: January 13, 2020 (Closed)
E Y Y N N N N
Proposed Accounting Standards Update—Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative
Issue Date: May 7, 2019
Comment Deadline: June 28, 2019 (Closed)
E Y Y N N N N
Proposed Accounting Standards Update (Revised)—Income Taxes (Topic 740): Disclosure Framework—Changes to the Disclosure Requirements for Income Taxes
Issue Date: April 29, 2019
Comment Deadline: May 31, 2019 (Closed)
E Y Y N N N N
Proposed Accounting Standards Update—Business Combinations (Topic 805): Revenue from Contracts with Customers—Recognizing an Assumed Liability (a consensus of the FASB Emerging Issues Task Force)
Issue Date: February 14, 2019
Comment Deadline: June 3, 2019 (Closed)
E Y N N N N N
Proposed Accounting Standards Update—Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance
Issue Date: November 12, 2015
Comment Deadline: January 29, 2016 (Closed)
E Y N N N N N
 
 
OTHER PROPOSED GAAP TAXONOMY IMPROVEMENTS
Title/Comment Period Deadline (CPD) Release
Notes
AP TED TIG Inline
Viewer*
XBRL Files**
None at this time.            
 

Codes:

AP Appendix to Release Notes-Summary of Proposed Elements.
E Links to Exposure Documents & Public Comment Documents Page (and Exposure Drafts Open for Comment Page—If proposed ASU is still open for comment).
F Proposed GAAP Taxonomy Improvements related to final ASU issued.
N Not included. Indicates that this item has not been issued in connection with a proposed Accounting Standards Update or other GAAP Taxonomy Improvements.
TED Proposed improvements are included in a partial taxonomy project that is available for viewing in TORCS. Comments on these improvements should be made directly in TORCS.
TIG GAAP Taxonomy Implementation Guide.
Y Included. Indicates that this item has been issued in connection with the proposed Taxonomy Improvements.
* This instance document and related extension taxonomy are not authoritative; rather they are intended to be used to understand and illustrate the implementation of the modeling in the Taxonomy. No conclusions should be made regarding other modeling choices or semantic considerations. This instance document and related extension taxonomy are not in compliance with certain EDGAR Filer Manual rules because it does not represent a complete filing and is an artificial construct for illustrative purposes. The FASB disclaims all responsibility for any use of this purely illustrative material for actual reporting or disclosure, or other non-hypothetical purposes. Please also see Terms of Use for this website.
** Requires XBRL-enabled software to view.


THE GAAP TAXONOMY AND SUPPORTING MATERIALS PROVIDED THROUGH THESE LINKS ARE FOR REVIEW PURPOSES ONLY AND ARE NOT TO BE USED OR RELIED UPON FOR ANY PURPOSES OTHER THAN FOR THIS REVIEW AND COMMENT. YOUR USE OF THE GAAP TAXONOMY FOR THESE PURPOSES SHALL BE SUBJECT TO THE TERMS AND CONDITIONS LOCATED AT THE INITIAL LINK TO THE TAXONOMIES.