FASB Publishes Proposed GAAP Taxonomy Style Guide
February 27, 2023
The US Financial Accounting Standards Board (FASB) staff recently published a new proposed GAAP Taxonomy Style Guide. The guide is designed to help GAAP Taxonomy users understand the presentation and disclosure requirements of the FASB Accounting Standards Codification (ASC), and to illustrate the role and format of references related to elements included in the GAAP Taxonomy.
FASB also recently issued an update to the GAAP Frequently Asked Questions, including new guidance (Question 2.20) for disclosing how to tag the value of the useful lives of leasehold improvements related to property plant and equipment when stated as lease terms.
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