Featured Product

    FASB to Implement New Extensible Enumerations in 2021 Taxonomies

    August 27, 2020

    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
    Related Articles
    News

    PRA Proposes Changes to Consolidated Prudential Rules Under CRD5/CRR2

    PRA proposed rules (in CP12/21) for the application of existing consolidated prudential requirements to financial holding companies and mixed financial holding companies that have been approved or designated in accordance with Part 12B of the Financial Services and Markets Act 2000 (FSMA).

    June 21, 2021 WebPage Regulatory News
    News

    ECB Extends Leverage Ratio Relief for Banks Until March 2022

    ECB Banking Supervision announced that euro area banks it directly supervises may continue to exclude certain central bank exposures from the leverage ratio until March 2022.

    June 18, 2021 WebPage Regulatory News
    News

    OSFI Consults on Treatment of Credit Valuation Adjustments

    OSFI decided to increase the Domestic Stability Buffer from 1.00% to 2.50% of total risk-weighted assets, with effect from October 31, 2021.

    June 18, 2021 WebPage Regulatory News
    News

    HKMA Requires Banks to Submit Plans for Fintech Adoption

    HKMA is requesting banks to participate in a tech baseline assessment, which forms part of the HKMA Fintech 2025 strategy.

    June 18, 2021 WebPage Regulatory News
    News

    OSFI Consults on Operational Risk Capital Data Management Expectations

    OSFI published two documents to consult on the management of operational risk capital data for institutions required, or for those applying, to use the Basel III standardized approach for operational risk capital in Canada.

    June 18, 2021 WebPage Regulatory News
    News

    NGFS on Addressing Financial Stability Issues from Biodiversity Loss

    The NGFS Study Group on Biodiversity and Financial Stability published a Vision paper exploring the case for action in addressing the financial stability concerns arising from biodiversity loss.

    June 18, 2021 WebPage Regulatory News
    News

    ACPR Publishes CREDITIMMO Version 2.3.0 Taxonomy for Banks

    ACPR published the final version of CREDITIMMO 2.3.0 taxonomy for the decree of October 31, 2021.

    June 18, 2021 WebPage Regulatory News
    News

    EC Prolongs Italian Guarantee Scheme for Non-Performing Loans

    EC, has approved, under the EU State Aid rules, the fourth prolongation of the Italian guarantee scheme to facilitate the securitization of non-performing loans.

    June 18, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Temporary Collateral Easing Measures

    ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.

    June 17, 2021 WebPage Regulatory News
    News

    EIOPA Releases Report on Artificial Intelligence Governance Principles

    EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.

    June 17, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7128