Version 12 - December 2024 (template release)
Template release pack
This release focuses on the legislative content changes, features and correction updates for the period ending December 2024. The template is available on platform 6.28.9259 / 6.29.9459 / 6.30.9574 / 6.31.9627 / 6.32.9713.
Release notes
- Period ended: December 2024
- Update type: Major (legislative, corrections, and features)
Overview
The template includes important legislative updates and new features. You can access this template on platform 6.28.9259 / 6.29.9459 / 6.30.9574 / 6.31.9627 / 6.32.9713.
Legislative updates
For detailed and specific changes, refer to the document titled US.IT (Non SEC) (12.2024) P 6.28.9259 C 12.0 - Contents Change List (full version), which contains the complete list of content updates.
Legislative
Accounting reference number | Details |
|---|---|
Segment Reporting | In November 2023, the FASB issued Accounting Standards Update 2023-07 (ASU 2023-07), Segment Reporting, to improve reportable segment disclosure requirements. |
Leases: Common Control Arrangements | In March 2023, FASB issued ASU No. 2023-01, Leases (Topic 842) - "Common Control Arrangements." This ASU requires entities to determine if a related party arrangement between entities under common control qualifies as a lease. |
Supplier Finance Programs (Subtopic 405-50): | In September 2022, the FASB issued ASU 2022-04, "Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations." This update requires a buyer in a supplier finance program to disclose enough information about the program. This disclosure enables a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. |
Derivatives and Hedging | On March 28, 2022, the FASB issued ASU 2022-01, "Fair Value Hedging - Portfolio Layer Method" ("ASU 2022-01"). This update expands the current last-of-layer method to allow multiple hedged layers to be designated for a single closed portfolio. |
Financial Services Insurance (Topic 944): Effective Date | The FASB issued Accounting Standards Update No. 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, also known as ASU 2018-12. This update significantly changes how insurers account for long-duration insurance contracts. |
Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers | In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”). This update provides an exception to fair value measurement for contract assets and contract liabilities related to revenue contracts acquired in a business combination. |
Debt: Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging: Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity | In August 2020, the FASB issued ASU No. 2020-06, Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). This update was issued to reduce the complexity associated with accounting for certain financial instruments that have characteristics of both liabilities and equity. |
Corrections
Item ID | Title | Details and limitations |
|---|---|---|
2520569 | Resizing Share Capital Non-standard table | The ValueColumnWidth and DescriptionColumnWidth variables have been added. Values have been manually assigned to these variables for the non-standard table elements. |
2447100 | Correction of XML Coding Under Category Assignment Report | The Account Assignment Report now includes the categories EXPENSEBYNATURE and EXPENSEBYFUNCTION. |
2487625 | Ensure correct display setting before publishing | We updated the display settings for commonly used folders in the report structure. |
Features
Item ID | Title | Details and limitations |
|---|---|---|
2550322 | Adjust and extend old content to 5-year period | We created new folders and inserted content retention instructions to change the deletion date for old content. |
2565659 | Add in old content deletion element | We changed the deletion date for old content by creating new folders and inserting content retention instructions. |
Content changes
Item ID | Title | Details and limitations |
|---|---|---|
2693663 | Legislative changes to related party transaction and Segment & geographic information notes | We updated the legislative changes in the related party transaction for segment and geographic information notes. |
2693662 | Legislative changes to due to/ from broker note | We updated the legislative changes in the Due to/from broker note. |
2693661 | Legislative changes to accounting policies note | We updated the legislative changes in the accounting policies note. |
Known issues
- Elements marked as "Never" may still appear in reports on the 6.29 platform.
- Grid column headers are limited to 60 characters.
Additional information
There's no additional information in this release.
XBRL changes
There's no XBRL changes in this release.
Impact on existing clients
There's no impacts in this release.
Deviations from standard configuration
There are no deviations in this release.
Appendix
There's no appendix items in this release.
Related Content
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US Investment Funds
Format:
Article,
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