FASB announced that the 2020 taxonomies for GAAP Financial Reporting, SEC Reporting, and the new XBRL US Data Quality Committee (DQC) Rules are now available. The 2020 GAAP Financial Reporting Taxonomy contains updates for the accounting standards and other recommended improvements. The 2020 SEC Reporting Taxonomy contains improvements to the dimensional elements whose underlying recognition and measurement are not specified by the GAAP but are elements commonly used by GAAP filers. The 2020 GAAP Financial Reporting Taxonomy and 2020 SEC Reporting Taxonomy are expected to be accepted as final by SEC in early 2020.
The 2020 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 Data Quality Committee 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 tom and thereby compliance with, the DQC Rules. This initial implementation of the Data Quality Committee Rules Taxonomy is limited to three DQC Rules. Over time, additional DQC Rules may be included. The Data Quality Committee Rules Taxonomy files must not be referenced directly by any EDGAR submission.
Keywords: Americas, US, Accounting, Banking, Insurance, Securities, Reporting, Taxonomy, Disclosure Templates, GAAP Taxonomy, SEC Reporting Taxonomy, Data Quality, DQCRT, XBRL, FASB
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EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.