FASB proposes taxonomy updates for hedge accounting and share-based considerations
The US Financial Accounting Standards Board (FASB) has issued proposed updates to the US GAAP Financial Reporting Taxonomy, inviting public comments on two key areas: hedge accounting improvements and clarifications to share-based consideration payable to a customer.
Stakeholders have until 25 November 2024 to comment on the hedge accounting improvements and until 14 November 2024 for the share-based consideration clarifications.
These updates are essential for improving the accuracy and clarity of XBRL-based financial reporting. They represent one of many updates throughout the year, but will only be finalised in the annual US GAAP taxonomy release later in the year, with no additional comment period at that stage. Feedback now will help shape the final taxonomy and its future use by SEC filers.
For more information and to submit comments, see the announcement here.
