US
Securities and Exchange Commission (SEC) issued draft taxonomies for EDGAR filing submissions.
The SEC published its Draft 2024 taxonomies’ updates for the EDGAR data filing system. The draft release notes were also issued to provide details on changes to the 2024 update. Taxonomy packages are provided in ZIP format and the Commission encourages filers, investors, analysts, software service providers, and other parties to provide feedback. The draft files are available within 14 tables on the SEC website. The taxonomies will be subject to SEC approval following public comments. Comments are due via email directly to the SEC (StructuredData@sec.gov) by 11/10/2023.
Financial Accounting Standards Board (FASB) added new chapter on Recognition and Derecognition for Financial Reporting
The FASB issued a new chapter of its conceptual framework on recognition and derecognition, entitled “Concepts Statement No. 8 – Conceptual Framework for Financial Reporting – Chapter 5, Recognition and Derecognition,” effective August, 2023. This new chapter would set forth recognition and derecognition criteria and guidance on when an item should be incorporated into and removed from financial statements. It will be based on three criteria, including definitions, measurability, and faithful representation. This new chapter describes derecognition as the process of removing an item from the financial statements of a reporting entity, such as an asset, liability, or equity.
Canada
Office of Supervisory Financial Institutions (OSFI) BCAR reporting revisions beginning Q1 2024
The OSFI has posted both a draft and a final version of BCAR Capital Adequacy Reporting beginning with Q1 2024 (Fiscal year Canada as-of 1/31/2024, calendar year as-of 3/31/2024). The main changes involve the following schedules: 20.030 (Allowance for Impairment: Capital Treatment), 30.010 (Minimum Capital Required for Operational RIsk), and 50.010/50.020 (IRB Approach: Banking Book: Sovereign & PSEs memo items). For 80.010 (Credit Valuation Adjustment/CVA RWA) and 90.010 (Minimum Capital Required for Market Risk), the entire schedules have been revised. Other schedules have more minor (cosmetic) changes.
