FASB Proposes DQC Rules Reporting Taxonomy for 2022
The Financial Accounting Standards Board (FASB) proposed technical and other conforming improvements for 2022 SEC Reporting Taxonomy and the accompanying technical guide. The comment period on the proposed 2022 SEC Reporting Taxonomy and the accompanying technical guide ends on November 01, 2021. Additionally, FASB is consulting on XBRL US Data Quality Committee (DQC) Rules Taxonomy along with a technical guide. The guide provides technical details of the 2022 U.S. GAAP Financial Reporting Taxonomy and the DQC Rules Taxonomy. The comment period on the proposed DQC Rules Taxonomy and the accompanying technical guide ends on September 23, 2021.
The proposed DQC Rules Taxonomy includes XBRL US DQC Rules with the GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy to improve exposure to, and compliance with, the XBRL US DQC rules. The proposed DQC Rules Taxonomy has been built on the 2021 Taxonomy because the 2022 Taxonomy is not yet available for use. The proposed 2022 DQC Rules Taxonomy covers the following key DQC Rules:
- DQC 0005—Context Dates After Period End Date.
- DQC 0006—DEI and Block Tag Date Contexts
- DQC 0033—Document Period End Date Context
- DQC 0036—Document Period End Date Context/Fact Value Check
- DQC 0041—Axis with a Default Member that Differs from the Base Taxonomy
- DQC 0043—Incorrect Calculation Weights in Operating Cash Flows
- DQC 0044—Accrual Items used in Investing/Financing Cash flow Reconciliation
- DQC 0060—Element Dependence for Specific Elements
- DQC 0079—Extension Members
- DQC 0015—Negative Values
Related Links
- Notification on SEC Taxonomy (PDF)
- Release Notes on SEC Taxonomy (PDF)
- Proposed Guide on SEC Taxonomy (PDF)
- Notification on DQC Rules (PDF)
- Proposed DQC Taxonomy and Guide
Comment Due Date: November 01, 2021 (SEC )/September 23, 2021 (DQC)
Keywords: Americas, US, Accounting, Banking, Securities, Reporting, Taxonomy, DQCRT, XBRL, US GAAP, Data Quality, 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.
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
SNB Issues Reporting Forms for Systemically Important BanksRelated Articles
OSFI Issues Results of Pilot on Climate Risk Scenario Analysis
The Office of the Superintendent of Financial Institutions (OSFI) published an update on the discussion paper that intended to engage federally regulated financial institutions and other interested stakeholders in a dialog with OSFI, to proactively enhance and align assurance expectations over key regulatory returns.
EC Issues Regulation on Adjustments to K-Factor Coefficients Under IFR
The European Commission (EC) published a report summarizing responses to the targeted consultation on the supervisory convergence and the single rulebook in the European Union (EU).
ECB Issues Opinions on Green Bonds Standard and CRR Proposals
The European Central Bank (ECB) published its opinion on a proposal for a regulation on European green bonds, following a request from the European Parliament.
ESRB Explores Policy Response to Risks Arising from Digitalization
The Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) published a report that explores the expected impact of digitalization on provision of financial and banking services, and proposes policy measures to address the risks stemming from digitalization.
HKMA Consults on FIRO Code, Revises Policy on Foreign Exchange Risk
The Hong Kong Monetary Authority (HKMA) is consulting on the draft Financial Institutions (Resolution) Ordinance (Cap. 628), or FIRO, Code of Practice chapter on liquidity and funding in resolution, until March 14, 2022.
FI Publishes Multiple Regulatory and Reporting Updates
The Swedish Financial Supervisory Authority (FI) announced that the capital adequacy reporting as at December 31, 2021 must be done by February 11, 2022.
EU Authorities Address COVID-19 Reporting, MCD, and PSD2 Issues
The European Banking Authority (EBA) announced that the guidelines on the reporting and disclosure of exposures subject to measures COVID-relief measures shall continue to apply until further notice.
BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance
The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.
US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
EBA Issues Guide on Bank Resolvability, Consults on Transferability
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
