On January 26th, the Financial Accounting Standards Board (FASB) released two proposed Taxonomy Implementation Guides based on the 2024 US GAAP Financial Reporting Taxonomy, which is currently under consideration by the SEC. These guides focus on the XBRL modeling for the reporting of leases and reporting by investment companies.
The first proposed Implementation Guide covers matters related to the reporting for leases under FASB Accounting Standards Codification (ASC) Topic 842, Leases. This Implementation Guide demonstrates the modeling for the reporting of leases. It also includes a new example that demonstrates the modeling for disclosures reporting information about leases that have not begun.
The second proposed Implementation Guide covers matters related to the reporting by investment companies, including SEC Regulation S-X schedules for business development companies. This Implementation Guide provides examples that show how the modeling for reporting by investment companies is framed within the GAAP Taxonomy.
The public may submit feedback on the proposed guides through February 19, 2024. Comments should be submitted directly to the FASB via email to xbrlguide@fasb.org. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating financial statements using a structured, machine-readable data language (Inline XBRL).
Source:
FASB Staff Issues Proposed Taxonomy Implementation Guides for 2024 U.S. GAAP Financial Reporting Taxonomy (sec.gov)
