Tuesday, March 28. 2023

FASB Releases ASU to Enhance Guidance for Topic 842, Leases

On March 27th, the Financial Accounting Standards Board (FASB) published an Accounting Standards Update (ASU) that adds enhancements to the guidance for applying Topic 842, Leases to arrangements between entities under common control. Some stakeholders shared concerns with applying Topic 842 to related party arrangements between entities under common control during the process of FASB’s post-implementation review (PIR) of Topic 842. Continue reading "FASB Releases ASU to Enhance Guidance for Topic..." »
Posted by
LeAnn Dey
in Accounting, FASB News at 14:04

Thursday, March 23. 2023

SEC Issues 2023 XBRL Taxonomies Update

On March 20, 2023, the SEC upgraded the EDGAR system to Release 23.1. The system now supports the 2023 reporting taxonomies. The SEC does not anticipate the removal of the 2021 versions of any taxonomies to occur before June 2023. For more information and a complete list of supported standard taxonomies, visit the Standard Taxonomies webpage on sec.gov. Continue reading "SEC Issues 2023 XBRL Taxonomies Update" »
Posted by
LeAnn Dey
in EDGAR News, FASB News, GoFiler Updates, IFRS Taxonomy, SEC, US GAAP Taxonomy at 15:46

Tuesday, March 21. 2023

FASB to Host Webinar on 2023 GAAP/SRT and Enhancements to SEC Reporting Taxonomy

The Financial Accounting Standards Board (FASB) will host a webinar to discuss improvements made to both the 2023 GAAP Financial Reporting Taxonomy for recently published FASB Accounting Standards Updates and the 2023 SEC Reporting Taxonomy (SRT). The improvements made were based on the 2023 Taxonomy Releases, which included compiled feedback and internal analysis. The 90-minute webinar will take place on Tuesday, April 11, 2023 and will begin at 1:00 p.m. ET. {expires: 2023-04-12} Continue reading "FASB to Host Webinar on 2023 GAAP/SRT and..." »
Posted by
LeAnn Dey
in Accounting, Data Quality Committee, Events, FASB News, SEC, SEC Filing Help, US GAAP Taxonomy at 17:35

Tuesday, February 21. 2023

FASB Proposes GAAP Taxonomy Reference Style Guide, Solicits Feedback

On February 15th, the Financial Accounting Standards Board (FASB) published a proposed GAAP Taxonomy Reference Style Guide and updated the GAAP Frequently Asked Questions (FAQ) section to include new guidance on tagging. Continue reading "FASB Proposes GAAP Taxonomy Reference Style..." »
Posted by
LeAnn Dey
in FASB News, SEC, US GAAP Taxonomy, XBRL at 13:30

Wednesday, February 08. 2023

GASB Introduces Proposed Guidance to Facilitate Application of Subscription-based Information Technology Arrangements

On February 6th, the Governmental Accounting Standards Board (GASB) released proposed implementation guidance that would expound on existing guidance related to subscription-based information technology arrangements (SBITAs). The Exposure Draft, Additional Proposal for Implementation Guidance Update—2023, focuses on whether the definition of a cloud computing arrangement is comparable to that of an SBITA, as defined in GASB Statement No. 96, Subscription-Based Information Technology Arrangements. Continue reading "GASB Introduces Proposed Guidance to Facilitate..." »
Posted by
LeAnn Dey
in Accounting, GASB News, Investor Education at 09:04

Friday, January 06. 2023

FASB Staff Extends Comment Period on Proposed Meta Model Relationships

In October 2022, the Financial Accounting Standards Board (FASB) issued the Invitation to Comment, Proposed Meta Model Relationships. The initial comment period, which was set to end on January 10, 2023, has been extended to May 11, 2023. Continue reading "FASB Staff Extends Comment Period on Proposed..." »
Posted by
LeAnn Dey
in Accounting, FASB News, XBRL at 08:35

Thursday, December 29. 2022

SEC Approves PCAOB Budget and Accounting Support Fee for 2023

On December 23rd, the SEC approved the 2023 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee. The PCAOB monitors the audits and auditors of the financial statements that are submitted by registered broker-dealers and issuers. Section 109 of the Sarbanes-Oxley Act of 2002 requires the PCAOB to establish, with SEC approval, a reasonable accounting support fee to fund its operations. Continue reading "SEC Approves PCAOB Budget and Accounting..." »
Posted by
LeAnn Dey
in Accounting, SEC at 18:14

Thursday, December 08. 2022

FASB Staff Releases Proposed GAAP Taxonomy Enhancements for Proposed ASU Regarding Leases (Topic 842), Solicits Comment

On November 30th, the Financial Accounting Standards Board (FASB) released for comment the proposed GAAP taxonomy improvements for the proposed Accounting Standards Update (ASU), which is aimed at improving accounting guidance for lease arrangements between entities under common control. Continue reading "FASB Staff Releases Proposed GAAP Taxonomy..." »
Posted by
LeAnn Dey
in Accounting, FASB News, US GAAP Taxonomy at 08:42

Financial Accounting Foundation Releases New Strategic Plan

The Board of Trustees of the Financial Accounting Foundation (FAF) has released the final version of its new strategic plan. The FAF is the organization that oversees the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). Because stakeholder feedback is the foundation of the organization’s work, the new strategic plan is based on extensive engagement with stakeholders via comment letters, an online survey, and a number of individual interviews. Continue reading "Financial Accounting Foundation Releases New..." »
Posted by
LeAnn Dey
in Accounting, FASB News, Investor Education at 08:25

Friday, November 18. 2022

GASB Proposes Guidance to Help Stakeholders Apply its Pronouncements

On November 15th, the Governmental Accounting Standards Board (GASB) released proposed implementation guidance that uses a questions and answers format to clarify and expound on certain GASB pronouncements. Continue reading "GASB Proposes Guidance to Help Stakeholders..." »
Posted by
LeAnn Dey
in GASB News, US GAAP Taxonomy at 08:25

Wednesday, November 16. 2022

FASB Issues Proposed Investment Companies Taxonomy Implementation Guide

On November 15th, the Financial Accounting Standards Board (FASB) released a proposed Taxonomy Implementation Guide. The Guide is premised on the proposed 2023 GAAP Financial Reporting Taxonomy, which is currently awaiting SEC acceptance and subject to change until the finalized version is published. The newly proposed Guide, Financial Services—Investment Companies (Including SEC S-X Schedules for Business Development Companies), is comprised of examples intended to help users of the taxonomy understand how the reporting framework for investment companies is structured within the taxonomy. Continue reading "FASB Issues Proposed Investment Companies..." »
Posted by
LeAnn Dey
in FASB News, US GAAP Taxonomy at 15:21

Thursday, October 06. 2022

FASB Releases Proposed Technical and Other Improvements for 2023 GAAP Taxonomy

On October 5th, the FASB issued for a request for comment on proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy. The comment period ends on November 3, 2022. Continue reading "FASB Releases Proposed Technical and Other..." »
Posted by
The Novaworks Team
in FASB News, SEC, US GAAP Taxonomy at 10:18

Thursday, September 15. 2022

FASB Releases Proposed Changes and Technical Guide for 2023 SEC Reporting Taxonomy, Solicits Comment

On September 8th, the FASB announced that it has released for public review and comment proposed technical and other conforming improvements for the 2023 SEC Reporting Taxonomy (SRT) along with the related release notes. The technical and conforming modifications made to the SRT are designed to improve its overall utility. Continue reading "FASB Releases Proposed Changes and Technical..." »
Posted by
LeAnn Dey
in FASB News, SEC, XBRL at 09:48

Monday, September 12. 2022

FASB Releases Proposed 2023 DQCRT for Review and Comment

On September 6th, the Financial Accounting Standards Board (FASB) staff issued the Proposed 2023 DQC Rules Taxonomy (DQCRT) for the US GAAP and SEC reporting taxonomies. Individuals and organizations may review and comment on the modifications made to the proposed DQCRT until October 6, 2022. Continue reading "FASB Releases Proposed 2023 DQCRT for Review..." »
Posted by
LeAnn Dey
in Data Quality Committee, FASB News, SEC, US GAAP Taxonomy at 12:20

Monday, July 11. 2022

FASB Announces Release of Proposed 2022 Q3 Supplemental GAAP Taxonomy for Public Review and Comment

The Financial Accounting Standards Board (FASB) has released the Proposed 2022 Q3 Supplemental GAAP Taxonomy for public review and comment. The publication introduces enhancements to the GAAP Financial Reporting Taxonomy and the SEC Reporting Taxonomy, collectively known as the GAAP Taxonomy. Continue reading "FASB Announces Release of Proposed 2022 Q3..." »
Posted by
LeAnn Dey
in FASB News, US GAAP Taxonomy at 16:13
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