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    FASB Announces SEC Acceptance of US GAAP and SEC Reporting Taxonomies

    March 10, 2020

    FASB announced that SEC has accepted the 2020 U.S. GAAP Financial Reporting Taxonomy and the 2020 SEC Reporting Taxonomy. The 2020 US GAAP Financial Reporting Taxonomy contains updates for 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 GAAP. Additionally, the 2020 XBRL US Data Quality Committee (DQC) Rules Taxonomy has been finalized.

    The 2020 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. The Data Quality Committee Rules Taxonomy, however, 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, access, and compliance with the 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.

     

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    Keywords: Americas, US, Accounting, Reporting, Taxonomy, DQCRT, XBRL, US GAAP, SEC, FASB

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