The Financial Accounting Standards Board (FASB) recently released a proposed XBRL
Taxonomy Implementation Guide for Financing Receivable and Current Expected Loss (CECL) disclosures. This guide is based on and in accordance with the SEC Reporting Taxonomy and the US Generally Accepted Accounting Principles Financial Reporting (US GAAP) Taxonomy. The proposed Implementation Guide provides illustrations of disclosures concerning financing receivables pursuant to FASB Accounting Standards Codification, Topics 310, Receivables, and 326, Financing Instruments–Credit Losses. Elements for text blocks, policy text blocks, and table text blocks (Levels 1-3) are not included in the Guide. The publication places focus on detail tagging only (Level 4).
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The FASB also issued a proposed Taxonomy Implementation Note Style Guide, which describes a Taxonomy Implementation Note’s (TIN) parts, functions, and the standards (using a structured and consistent framework) for including a TIN on an element in the US GAAP Taxonomy.
The FASB is seeking comment from interested parties on these proposed guides. Those interested in commenting should submit their responses in writing by July 26, 2021. Comments should be sent by email to xbrlguide@fasb.org, File Reference No. 2021-950. Comments can also be sent by postal mail to Chief of Taxonomy Development, File Reference No. 2021-950, FASB, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116. Comment letters will become publicly available.
Sources:
FASB Issues Proposed Taxonomy Implementation Guide for Financing Receivable and Current Expected Credit Loss (CECL) Disclosures, and a Proposed Taxonomy Implementation Note (TIN) Style Guide (sec.gov)
Proposed GAAP Taxonomy Implementation Guide: Version 4 (fasb.org)
Proposed Taxonomy Style Guide: Version 1 (fasb.org)
