FASB to Implement New Extensible Enumerations in 2021 Taxonomies
FASB issued a statement on the implementation impact of Extensible Enumerations (EE) 2.0 on service provider and XBRL creation software. In early 2020, the XBRL International Standards Board recommended EE 2.0, which improves on limitations of the custom type and will improve data usability. However, it requires certain changes in XBRL report creation software to be compliant, which affects software developers responsible for developing and maintaining this software. EE 2.0 will be implemented in the 2021 US Generally Accepted Accounting Principles (GAAP) and SEC Reporting Taxonomies. Software used to prepare XBRL reports using those taxonomies for submission to SEC will need to be modified to properly support EE 2.0.
The Taxonomy Updates are generally available for use in the latter part of the first quarter of each calendar year. The taxonomies have utilized a custom data type (extensibleListItemType) that partially met the modeling requirements until EE 2.0 reached recommendation status. As EE2.0 has now reached recommendation status, all taxonomy elements with that custom data type will be converted to the EE 2.0 data type, enumerationSetItemType, in the 2021 Taxonomy Updates. This will require changes in the software. If not implemented correctly, instance documents may not be syntactically valid when using the 2021 taxonomies. EE 2.0 has three primary requirements that must be met for proper instance document validation:
- The fact value reported must have the proper URI-based notation.
- The element(s) reported as a fact value must exist in a schema.
- The element(s) reported as a fact value(s) must be present in the domain-member relationships that are defined in the taxonomies.
US GAAP filers, vendors, and data users have anticipated finalization of the EE 2.0 since the FASB's Extensible List elements were introduced as a custom type in 2017.
Related Links
Keywords: Americas, US, Banking, Securities, Insurance, Extensible Enumerations, XBRL, GAAP Taxonomy, SEC Reporting Taxonomy, Reporting, Taxonomy, EE 2.0, SEC, 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
EBA Consults on Estimation of Pillar 2 and Combined Buffers for MRELRelated Articles
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.
BCBS Report Examines Impact of Basel III Framework for Banks
The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.
PRA Consults on Prudential Rules for "Simpler-Regime" Firms
Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.
DNB Publishes Multiple Reporting Updates for Banks
DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.
NBB Sets Out Climate Risk Expectations, Issues Reporting Updates
The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting
EBA Updates Address Securitization Standards and DGS Guidelines
The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.
FSB Publishes Letter to G20, Sets Out Work Priorities for 2023
The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023
ISSB Standards May Become Effective from January 2024
The International Organization of Securities Commissions (IOSCO) welcomed the confirmation statement by the International Sustainability Standards Board (ISSB) setting out its progress in the development of its first sustainability-related corporate disclosure standards.
