FASB invites feedback on GAAP taxonomy updates for credit losses
The Financial Accounting Standards Board (FASB) staff has released proposed updates to the GAAP Taxonomy, aligning with amendments to Topic 326.
These changes introduce a way to simplify the manner in which private companies and certain not-for-profit entities measure credit losses for accounts receivable and contract assets under Topic 606, Revenue from Contracts with Customers.
The updates aim to address challenges in applying Subtopic 326-20, ensuring taxonomy changes reflect the new guidance for clear and consistent digital reporting . Stakeholders are invited to review and comment on the proposals by 17 January 2025. Comments can be submitted to xbrled@fasb.org, referencing the File Number in the release notes.
These taxonomy updates are the next step in ensuring effective evolution of standards.
Learn more and access the release notes on the FASB website.
