The Financial Accounting Standards Board (FASB) staff has published three proposed Taxonomy Implementation Guides (Implementation Guides) based on the U.S. Generally Accepted Accounting Principles Taxonomy.

The first proposed Implementation Guide is related to the reporting of accounting changes, and demonstrates the modeling for reporting transitions upon adoption of amendments from an Accounting Standards Update (ASU) or other accounting changes under FASB Accounting Standards Codification (ASC) Topic 250, Accounting Changes and Error Corrections, and Topics amended by an ASU. The second proposed Implementation Guide is related to the reporting of Chapter 11 reorganization under ASC Topic 852, Reorganizations. The third proposed Implementation Guide is related to reinsurance-related disclosures of insurance companies, including retention-related items, effects of reinsurance, and the supplemental schedule of reinsurance under ASC Topic 944, Financial Services—Insurance.

The public comment period for the three proposed Implementation Guides will end on May 11, 2022. Comments should be submitted directly to the FASB. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.