FASB announced that the 2020 taxonomies for GAAP Financial Reporting, SEC Reporting, and the new XBRL US Data Quality Committee (DQC) Rules are now available. The 2020 GAAP Financial Reporting Taxonomy contains updates for the accounting standards and other recommended improvements. The 2020 SEC Reporting Taxonomy contains improvements to the dimensional elements whose underlying recognition and measurement are not specified by the GAAP but are elements commonly used by GAAP filers. The 2020 GAAP Financial Reporting Taxonomy and 2020 SEC Reporting Taxonomy are expected to be accepted as final by SEC in early 2020.
The 2020 SEC Reporting Taxonomy includes elements to meet SEC requirements for financial schedules required by SEC, condensed consolidating financial information for guarantors, and disclosures about oil and gas producing activities. The SEC Reporting Taxonomy also includes dimensional elements whose underlying recognition and measurement are not specified by GAAP but are elements used by GAAP filers.
The Data Quality Committee Rules Taxonomy is a FASB taxonomy that includes, in a derivative format, XBRL US DQC Rules, published by the XBRL US, as validation checks for XBRL filings with SEC. The Data Quality Committee Rules Taxonomy is intended to improve exposure and access tom and thereby compliance with, the DQC Rules. This initial implementation of the Data Quality Committee Rules Taxonomy is limited to three DQC Rules. Over time, additional DQC Rules may be included. The Data Quality Committee Rules Taxonomy files must not be referenced directly by any EDGAR submission.
Keywords: Americas, US, Accounting, Banking, Insurance, Securities, Reporting, Taxonomy, Disclosure Templates, GAAP Taxonomy, SEC Reporting Taxonomy, Data Quality, DQCRT, XBRL, FASB
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
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