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    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.

     

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

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