The Financial Accounting Standards Board (FASB) staff has published two proposed Taxonomy Implementation Guides (Implementation Guides) based on the 2024 U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy (GAAP Taxonomy), which is currently under consideration by the Commission.

The first proposed Implementation Guide is related to the reporting for leases under FASB Accounting Standards Codification (ASC) Topic 842, Leases. It demonstrates the modeling for reporting of leases and includes a new example to illustrate the modeling for disclosures reporting information about leases not yet commenced. The second proposed Implementation Guide is related to the reporting by investment companies, including SEC Regulation S-X schedules for business development companies. It provides examples to demonstrate how the modeling for reporting by investment companies is structured within the GAAP Taxonomy.

The public comment period for the two proposed Implementation Guides will end on February 19, 2024. 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.