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    FASB Consults on XBRL US DQC Rules Taxonomy and Technical Guides

    October 27, 2020

    FASB is consulting on the XBRL US Data Quality Committee (DQC) Rules Taxonomy (DQCRT) along with two technical guides. The guides provide technical details of the proposed 2021 US GAAP Financial Reporting Taxonomy, DQCRT, and SEC Reporting Taxonomy. The comment period on the consultation ends on December 01, 2020. For the Proposed 2021 DQCRT, the DQC Rules 0004, 0008, and 0048 have been added to the taxonomy. Additional improvements have been made for DQC Rules 0001 and 0015. The technical guides have been updated for upcoming changes to the 2021 taxonomies for Extensible Enumerations 2.0 and the Data Type Registry.

    XBRL US DQC Rules are proposed to be included in the DQCRT with the US GAAP Financial Reporting Taxonomy to improve exposure to, and compliance with, the DQC rules. The DQC rules are XBRL US-published validation rules for XBRL filings with SEC; these rules are included in a derivative form that identify the concepts the rules apply to, with necessary information for software and human readers to understand the rule and the applicable elements. The proposed DQCRT has been built on the 2020 taxonomy because the 2021 taxonomy is not yet available for use. The DQCRT will be updated to 2021 at final release. The 2021 implementation is limited to six DQC rules. Future releases are likely to include additional DQC rules. For the 2021 DQCRT, the structure of the taxonomy has been modified so that each included DQC rule is contained in an individual schema with embedded linkbases and the primary schema only contains the common XBRL elements used across each of the DQC rule schemas. One schema also contains an embedded calculation linkbase to facilitate expressing the DQC rule.

    The intended audience for the technical guides is a technical user familiar with XBRL and other specifications and modules of XBRL, XML Schema, and XSLT stylesheets. Business users may be interested in the documents and these are written such that a business user familiar with the technologies (XBRL, XML Schema, XSLT, and so forth) will be comfortable with these documents. Users looking for guidance to conform to SEC XBRL filing requirements should look to the SEC EDGAR Filer Manual and other information provided on the SEC website.

    Additionally, on October 21, 2020, FASB also proposed Taxonomy improvements for the following proposed Accounting Standards Updates:

    • SEC Release No. 33-10835; 34-89835: Update of Statistical Disclosures for Banks and Savings and Loan Registrants. The comment period for this ends on November 16, 2020.
    • Leases (Topic 842): Targeted Improvements. The comment period for this ends on December 04, 2020.

    Related Links

    Comment Due Date: December 01, 2020

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

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