FASB Proposes Implementation Guides under U.S. GAAP Taxonomy

The Financial Accounting Standards Board ("FASB") published three proposed Taxonomy Implementation Guides ("Implementation Guides") relating to accounting changes, reorganizations and reinsurance-related disclosures.

The first Implementation Guide "demonstrates the modeling for reporting transitions upon adoption of amendments from an Accounting Standards Update" and other accounting topic updates; the second provides models to aid users in understanding the reporting of a Chapter 11 reorganization; the third proposed Implementation Guide provides models to aid users in understanding reinsurance-related disclosures of insurance companies.

Comments on the proposed Implementation Guides are due by May 11, 2022.