FASB to Implement New Extensible Enumerations in 2021 Taxonomies
FASB issued a statement on the implementation impact of Extensible Enumerations (EE) 2.0 on service provider and XBRL creation software. In early 2020, the XBRL International Standards Board recommended EE 2.0, which improves on limitations of the custom type and will improve data usability. However, it requires certain changes in XBRL report creation software to be compliant, which affects software developers responsible for developing and maintaining this software. EE 2.0 will be implemented in the 2021 US Generally Accepted Accounting Principles (GAAP) and SEC Reporting Taxonomies. Software used to prepare XBRL reports using those taxonomies for submission to SEC will need to be modified to properly support EE 2.0.
The Taxonomy Updates are generally available for use in the latter part of the first quarter of each calendar year. The taxonomies have utilized a custom data type (extensibleListItemType) that partially met the modeling requirements until EE 2.0 reached recommendation status. As EE2.0 has now reached recommendation status, all taxonomy elements with that custom data type will be converted to the EE 2.0 data type, enumerationSetItemType, in the 2021 Taxonomy Updates. This will require changes in the software. If not implemented correctly, instance documents may not be syntactically valid when using the 2021 taxonomies. EE 2.0 has three primary requirements that must be met for proper instance document validation:
- The fact value reported must have the proper URI-based notation.
- The element(s) reported as a fact value must exist in a schema.
- The element(s) reported as a fact value(s) must be present in the domain-member relationships that are defined in the taxonomies.
US GAAP filers, vendors, and data users have anticipated finalization of the EE 2.0 since the FASB's Extensible List elements were introduced as a custom type in 2017.
Related Links
Keywords: Americas, US, Banking, Securities, Insurance, Extensible Enumerations, XBRL, GAAP Taxonomy, SEC Reporting Taxonomy, Reporting, Taxonomy, EE 2.0, SEC, FASB
Featured Experts
Laurent Birade
Advises U.S. and Canadian financial institutions on risk and finance integration, CCAR/DFAST stress testing, IFRS9 and CECL credit loss reserving, and credit risk practices.
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
ESRB Publishes Member State Notifications on O-SII BuffersRelated Articles
APRA Issues Interim Update to Policy Priorities for 2021 and Beyond
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
EC Adopts Solvency II and Resolution Rules Package for Insurers
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
OCC Issues Booklets on Regulatory Reporting and Earnings
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
ECB Sets Out Results of Economy-Wide Climate Stress Tests
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
EBA Examines Implications of Increasing Use of Digital Platforms in EU
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
HKMA Issues Updates on Policy Measures Intended to Ease COVID Impact
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
ISDA Responds to BCBS Proposal on Treatment of Cryptoasset Exposures
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS Quarterly Review Discusses Developments in Fintech and ESG Space
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
BCBS to Consult on Supervisory Practices for Climate Risks by Year-End
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
OCC Identifies Operational Risk Deficiencies in MUFG Union Bank
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.
