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
- 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
Previous ArticleEBA Report Reviews Funding Plans of Banks in EU
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.