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.
Keywords: Americas, US, Banking, Securities, Insurance, Extensible Enumerations, XBRL, GAAP Taxonomy, SEC Reporting Taxonomy, Reporting, Taxonomy, EE 2.0, SEC, FASB
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