FASB staff proposes GAAP taxonomy improvements
On 17 July, the Financial Accounting Standards Board (FASB) staff released proposed GAAP Taxonomy Improvements for Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606). These updates address derivative accounting for contracts with specific features and clarify share-based payments from customers within revenue contracts.
The improvements aim to refine current accounting practices and address stakeholder concerns. Historically, FASB has updated GAAP taxonomy to enhance clarity and relevance, and these proposals continue that trend.
Stakeholders are encouraged to review the updates and submit feedback to xbrled@fasb.org by 21 October.
For more information, see the release notes here.
