Featured Product

    FASB Publishes 2021 Taxonomies for DQC Rules, GAAP, and SEC Reporting

    December 17, 2020

    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.

     

    Related Links

    Keywords: Americas, US, Accounting, Banking, Securities, Insurance, Reporting, Taxonomy, GAAP Taxonomy, SEC Reporting Taxonomy, Data Quality, DQCRT, XBRL, FASB

    Featured Experts
    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    News

    BaFin Consults on Resolvability Requirements for Resolution Planning

    The Federal Financial Supervisory Authority of Germany (BaFin) proposed to amend the “Capital Investment Conduct And Organization Ordinance” and issued a draft circular on the minimum resolvability requirements for resolution planning.

    June 10, 2022 WebPage Regulatory News
    News

    EBA Consults on Certain Standards and Guidelines Under CRR and BRRD

    The European Banking Authority (EBA) proposed guidelines, for the resolution authorities, on the publication of the write-down and conversion and bail-in exchange mechanic, with the comment period ending on September 07, 2022.

    June 08, 2022 WebPage Regulatory News
    News

    OJK Publishes Regulatory Updates for Financial Sector Entities

    The Financial Services Authority of Indonesia (OJK) is strengthening cooperation with the Australian Prudential Regulation Authority (APRA) and the Japanese Financial Services Agency (JFSA)

    June 03, 2022 WebPage Regulatory News
    News

    EU Publishes Rules on DLT and Data Governance

    The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act).

    June 03, 2022 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Reporting Framework 3.2

    The European Banking Authority (EBA) published phase 2 of its reporting framework 3.2. The technical package supports the implementation of the updated reporting framework by providing standard specifications

    June 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8267