FASB Adds Taxonomy Entry Points in Relation to 2019 DEI Taxonomy
FASB has incorporated additional entry points for the 2019 GAAP [Generally Accepted Accounting Principles] Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy, in connection with the issuance of the 2019 Document and Entity Information (DEI) Taxonomy by SEC. Additionally, FASB has proposed taxonomy improvements for the proposed Accounting Standards Update on disclosure improvements, in form of the codification amendments in response to the Disclosure Update and Simplification Initiative of SEC. The consultation on the taxonomy improvements related to the proposed Accounting Standards Updates ends on June 28, 2019.
SEC issued the 2019 DEI as a result of the Fixing America’s Surface Transportation (FAST) Act Modernization and Simplification of Regulation S-K (Rule). New elements were added to the 2019 DEI Taxonomy to tag information on the cover pages of Forms 10-K, 10-Q, 8-K, 20-F, and 40-F in Inline XBRL. Questions about using the taxonomies and creating and submitting XBRL-tagged interactive data files in compliance with SEC rules should be directed to the SEC.
The 2019 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements since the 2018 Taxonomy, as used by issuers filing with SEC. The 2019 SEC Reporting Taxonomy contains elements necessary to meet the SEC requirements for financial schedules, 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 commonly used by GAAP filers.
Related Links
- Notification on Additional Taxonomy Entry Points (PDF)
- Notification on Proposed Taxonomy Improvements (PDF)
- 2019 US GAAP Financial Reporting Taxonomy
- 2019 SEC Reporting Taxonomy
- Release Notes on Proposed Taxonomy Improvements (PDF)
Comment Due Date: June 28, 2019 (Proposed Taxonomy Improvements
Keywords: Americas, US, Banking, Accounting, Securities, Reporting, Taxonomy, GAAP Taxonomy, SEC Reporting Taxonomy, DEI Taxonomy, XBRL, Accounting Standards Update, Disclosures, 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.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Previous Article
EC Publishes Draft Equivalence Decisions for Credit Rating AgenciesRelated Articles
ECB Amends Guideline on Temporary Collateral Easing Measures
ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.
EIOPA Releases Report on Artificial Intelligence Governance Principles
EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.
HKMA to Increase Focus on Suptech and Regtech Cloud Adoption
HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.
EC Consults on Improving Transparency in Secondary Markets for NPLs
EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).
BIS and Nordic Central Banks Launch Innovation Hub in Stockholm
BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.
FDIC Tech Sprint Aims to Explore Technologies to Reach Unbanked
FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.
EC Releases Sustainable Finance Taxonomy Compass
EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.
FDIC Proposes Amendments to Real Estate Lending Standards
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
EIOPA to Consider Liquidity Risk in Stress Test for 2021
EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.
ESRB Paper Discusses Measurement of Impact of Bank Failure via Lending
The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.
