Proposed Taxonomy Improvements

Effective January 1, 2018, proposed improvements to the U.S. GAAP Financial Reporting Taxonomy (Taxonomy) will have formal comment periods that correspond to the related proposed Accounting Standards Updates (ASU) or other proposed Taxonomy improvement projects. This new process replaces the past practice of an annual 60-day comment period on the entire Taxonomy.
 
The information below describes the process for exposing proposed Taxonomy improvements and includes links for Taxonomy Exposure Supporting Materials that are currently available.
 
Once the due process for a proposed Taxonomy improvement is complete, the improvements and Taxonomy Exposure Supporting Materials are moved to the Taxonomy Improvements (pending Annual Updates) Page.
 

How and When Taxonomy Improvements Are Proposed

 

Proposed Improvements to the Taxonomy that result from proposed ASUs:  


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

Other proposed Taxonomy Improvements:


Proposed 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 Taxonomy Exposure Supporting Materials for the other proposed improvements will be included in a separate table below.
 
All links to Taxonomy Exposure Supporting Materials for proposed Taxonomy improvements are provided below. Constituents are notified of proposed Taxonomy improvements by FASB Action Alerts and are encouraged to subscribe to the “What’s New” newsfeed to stay abreast of Taxonomy-related improvements. Constituents also are made aware of proposed Taxonomy improvements in the XBRL Appendix of each proposed ASU.  The Appendix directs the reader of the proposed ASU to this Proposed Taxonomy Improvements page.
 

Comments on Proposed Taxonomy Improvements


Constituents are encouraged to comment on proposed Taxonomy Improvements. Comments on a Taxonomy Exposure Draft (TED) should be made 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 Taxonomy Improvements (other than TEDs) should be sent directly to xbrled@fasb.org.  Comment letters are available on the Comment Letters-XBRL Page.
 

The Following Proposed Taxonomy Improvements are currently available for comment:

Proposed Improvements to the Taxonomy that result from proposed ASUs:

 
PROPOSED 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—Debt (Topic 470) : Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent)
Comment Deadline: November 12, 2018
E Y Y N N N N
Accounting Standards Update No. 2016-13—Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
Comment Deadline: November 2, 2018
F Y AP1a - Y
AP1b - Y
Y Y N N
Proposed Accounting Standards Update—Codification Improvements to Topic 326, Financial Instruments⎯Credit Losses
Comment Deadline: Closed
E Y N N N N N
Accounting Standards Update No. 2018-12—Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
Comment Deadline: Closed
F Y Y Y N N
Proposed Accounting Standards Update—Leases (Topic 842): Narrow-Scope Improvements for Lessors
Comment Deadline: Closed
E Y N N N N N
Proposed Accounting Standards Update—Not-for-Profit Entities (Topic 958): Updating the Definition of Collections
Comment Deadline: Closed
E Y N N N N N
Proposed Accounting Standards Update—Collaborative Arrangements (Topic 808): Target Improvements
Comment Deadline: Closed
E Y N N N N N
Proposed Accounting Standards Update—Derivatives and Hedging (Topic 815): Inclusion of the Overnight Index Swap (OIS) Rate Based on the Secured Overnight Financing Rate (SOFR) as a Benchmark Interest Rate for Hedge Accounting Purposes
Comment Deadline: Closed
E Y N N N N N
Proposed Accounting Standards Update—Consolidation (Topic 810)—Targeted Improvements to Related Party Guidance for Variable Interest Entities
Comment Deadline: Closed
E Y N N N N N
Proposed Accounting Standards Update—Income Taxes (Topic 740): Disclosure Framework—Changes to the Disclosure Requirements for Income Taxes
Comment Deadline: Closed
E Y N N N N N
Proposed Accounting Standards Update—Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance
Comment Deadline: Closed
E Y N N N N N
 
 
OTHER PROPOSED TAXONOMY IMPROVEMENTS
Title/Comment Period Deadline (CPD) Release
Notes
AP TED TIG Inline
Viewer*
XBRL Files**
Proposed Technical and Other Conforming Improvements for 2019 US GAAP Financial Reporting Taxonomy
Comment Deadline: Closed
Y Y N N N N
Proposed Technical and Other Conforming Improvements for 2019 SEC Reporting Taxonomy
Comment Deadline: Closed
Y Y N N N N
 

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 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 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 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.
Also included on SEC Taxonomy Page of the FASB website.


THE TAXONOMIES 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 TAXONOMIES FOR THESE PURPOSES SHALL BE SUBJECT TO THE TERMS AND CONDITIONS LOCATED AT THE INITIAL LINK TO THE TAXONOMIES.