FASB Proposes Implementation Guides for 2021 U.S. GAAP Financial Reporting Taxonomy

The Financial Accounting Standards Board ("FASB") proposed two Implementation Guides for the 2021 U.S. GAAP Financial Reporting Taxonomy. The first guide provides examples to aid users in understanding the disclosure models of consolidated and nonconsolidated entities. The second guide provides examples to aid users in understanding the structuring of accounting changes within the taxonomy.

Comments on the first guide must be submitted by March 3, 2021, and comments on the second guide must be submitted by March 12, 2021.