The Financial Accounting Standards Board ("FASB") proposed updating the U.S. Generally Accepted Accounting Principles ("GAAP") financial reporting taxonomy. The FASB requested comments on the following proposals:
- Targeted Transition Relief for Topic 326, Financial Instruments - Credit Losses, which includes adding two elements for fair value option disclosures (comment period ends on March 8, 2019); and
- Business Combinations (Topic 805): Revenue from Contracts with Customers - Recognizing an Assumed Liability (a consensus of the FASB Emerging Issues Task Force), which includes adding a new element for 2019 accounting standards update disclosure (comment period ends on April 30, 2019).
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