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
OSFI Issues Results of Pilot on Climate Risk Scenario Analysis
The Office of the Superintendent of Financial Institutions (OSFI) published an update on the discussion paper that intended to engage federally regulated financial institutions and other interested stakeholders in a dialog with OSFI, to proactively enhance and align assurance expectations over key regulatory returns.
EC Issues Regulation on Adjustments to K-Factor Coefficients Under IFR
The European Commission (EC) published a report summarizing responses to the targeted consultation on the supervisory convergence and the single rulebook in the European Union (EU).
ECB Issues Opinions on Green Bonds Standard and CRR Proposals
The European Central Bank (ECB) published its opinion on a proposal for a regulation on European green bonds, following a request from the European Parliament.
ESRB Explores Policy Response to Risks Arising from Digitalization
The Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) published a report that explores the expected impact of digitalization on provision of financial and banking services, and proposes policy measures to address the risks stemming from digitalization.
HKMA Consults on FIRO Code, Revises Policy on Foreign Exchange Risk
The Hong Kong Monetary Authority (HKMA) is consulting on the draft Financial Institutions (Resolution) Ordinance (Cap. 628), or FIRO, Code of Practice chapter on liquidity and funding in resolution, until March 14, 2022.
FI Publishes Multiple Regulatory and Reporting Updates
The Swedish Financial Supervisory Authority (FI) announced that the capital adequacy reporting as at December 31, 2021 must be done by February 11, 2022.
EU Authorities Address COVID-19 Reporting, MCD, and PSD2 Issues
The European Banking Authority (EBA) announced that the guidelines on the reporting and disclosure of exposures subject to measures COVID-relief measures shall continue to apply until further notice.
BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance
The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.
US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
EBA Issues Guide on Bank Resolvability, Consults on Transferability
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
