FASB announced that the 2021 taxonomies for GAAP Financial Reporting, SEC Reporting, and the XBRL US Data Quality Committee (DQC) Rules are now available. The 2021 GAAP Financial Reporting Taxonomy incorporates updates for certain accounting standards, along with other recommended improvements. The 2021 SEC Reporting Taxonomy contains improvements for two SEC final rules and dimensional elements whose underlying recognition and measurement are not specified by the GAAP but are elements commonly used by GAAP filers. The 2021 GAAP Financial Reporting Taxonomy and 2021 SEC Reporting Taxonomy are expected to be accepted as final by SEC in early 2021.
The 2021 SEC Reporting Taxonomy includes elements to meet SEC requirements for financial schedules required by SEC, condensed consolidating financial information for guarantors, and disclosures about oil and gas producing activities. The SEC Reporting Taxonomy also includes dimensional elements whose underlying recognition and measurement are not specified by GAAP but are elements used by GAAP filers.
The DQC Rules Taxonomy is a FASB taxonomy that includes, in a derivative format, XBRL US DQC Rules, published by the XBRL US, as validation checks for XBRL filings with SEC. The Data Quality Committee Rules Taxonomy is intended to improve exposure and access, and thereby compliance with, the DQC Rules. The 2021 DQC Rules Taxonomy includes three additional DQC Rules—DQC Rules 0004, 0008, and 0048—thus bringing the total number of DQC Rules included in the Taxonomy to six. The DQC Rules Taxonomy files must not be referenced directly by any EDGAR submission.
Keywords: Americas, US, Accounting, Banking, Securities, Insurance, Reporting, Taxonomy, GAAP Taxonomy, SEC Reporting Taxonomy, Data Quality, DQCRT, XBRL, FASB
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.
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).
The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.
The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.
The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.
The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.
The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.
The Australian Prudential Regulation Authority (APRA) updated the list of authorized deposit-taking institutions, granting license to Barclays Bank PLC and Crédit Agricole Corporate and Investment Bank to operate as foreign authorized deposit-taking institutions under the Banking Act 1959.
EU published, in the Official Journal of the European Union, a corrigendum to the Delegated Regulation 2015/35, which supplements Solvency II Directive (2009/138/EC).
The European Banking Authority (EBA) published an Opinion on the scale and impact of de-risking in European Union and the steps that competent authorities should take to tackle unwarranted de-risking.