FASB Issues Proposed Updates for Future Version of U.S. GAAP Financial Reporting Taxonomy Related to Proposed ASU on Derivatives Scope Refinements and Scope Clarification for a Share-Based Payment from a Customer in a Revenue Contract
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August 2024 The Financial Accounting Standards Board (FASB) has published proposed updates to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy related to a Proposed Accounting Standards Update (ASU) on Derivatives Scope Refinements and Scope Clarification for a Share-Based Payment from a Customer in a Revenue Contract. The proposed taxonomy updates will include reference modifications and new elements for ASU identification and transition method. The public comment period on the proposed updates will end on October 21, 2024. These proposed updates to the U.S. GAAP Financial Reporting Taxonomy are some of many released throughout the year as proposed Accounting Standards Updates are issued. The U.S. GAAP Financial Reporting Taxonomy is published in the last quarter of each calendar year and incorporates all of these taxonomy updates. While each proposed taxonomy update has a public comment period, the annual release of the taxonomy version for that year does not provide a public comment period for feedback related to taxonomy changes for Accounting Standards Updates. To find out more details please visit : https://www.sec.gov/ |