FASB proposed technical and other conforming improvements to the 2021 SEC Reporting Taxonomy, with the comment period on the proposals ending on November 02, 2020. The accompanying release notes describe the proposed technical and other conforming improvements that were designed to improve the utility of the SEC Reporting Taxonomy. The proposed modifications have been provided in the Appendix to the release notes.
The following are the proposed modifications to the SEC Reporting Taxonomy:
- The SEC Reporting Taxonomy includes one element with a proposed improvement to its standard label to better identify the substance and intended application of the element.
- The Taxonomy includes proposed improvements to five documentation labels (definitions). Those improvements were proposed to assist with intended application of the elements.
- The Taxonomy includes twenty-four new elements that were proposed for SEC Release No. 33-10762, for which the underlying recognition and measurement are not specified by GAAP but are used by GAAP filers.
- The Taxonomy includes one element with a data type change from the finalization of the Extensible Enumerations specification (EE 2.0) by the eXtensible Business Reporting Language (XBRL) International Standards Board. This change also resulted in a change to the label from [Extensible List] to [Extensible Enumeration].
- The Taxonomy includes five elements with reference additions and eight elements with reference deletions that were proposed for SEC Release No. 33-10762, for which the underlying recognition and measurement are not specified by GAAP but are used by GAAP filers.
Comment Due Date: November 02, 2020
Keywords: Americas, US, Banking, Securities, Reporting, Taxonomy, SEC Reporting Taxonomy, EE 2.0, Extensible Enumerations, SEC, FASB
Previous ArticleEBA Publishes Annual Report on Functioning of Resolution Colleges
BIS published a paper that provides an overview on the use of big data and machine learning in the central bank community.
APRA finalized the reporting standard ARS 115.0 on capital adequacy with respect to the standardized measurement approach to operational risk for authorized deposit-taking institutions in Australia.
ECB published a guide that outlines the principles and methods for calculating the penalties for regulatory breaches of prudential requirements by banks.
MAS and The Association of Banks in Singapore (ABS) jointly issued a paper that sets out good practices for the management of operational and other risks stemming from new work arrangements adopted by financial institutions amid the COVID-19 pandemic.
ACPR announced that a new data collection application, called DLPP (Datalake for Prudential), for collecting banking and insurance prudential data will go into production on April 12, 2021.
BCB announced that the Financial Stability Committee decided to maintain the countercyclical capital buffer (CCyB) for Brazil at 0%, at least until the end of 2021.
EIOPA has launched a European-wide comparative study on non-life underwriting risk in internal models, also kicking-off of the data collection phase.
SRB published an overview of the resolution tools available in the Banking Union and their impact on a bank’s ability to maintain continuity of access to financial market infrastructure services in resolution.
EBA is consulting on the implementing technical standards for Pillar 3 disclosures on environmental, social, and governance (ESG) risks, as set out in requirements under Article 449a of the Capital Requirements Regulation (CRR).
ESAs Issue Advice on KPIs on Sustainability for Nonfinancial Reporting