FASB Adds Taxonomy Entry Points in Relation to 2019 DEI Taxonomy
FASB has incorporated additional entry points for the 2019 GAAP [Generally Accepted Accounting Principles] Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy, in connection with the issuance of the 2019 Document and Entity Information (DEI) Taxonomy by SEC. Additionally, FASB has proposed taxonomy improvements for the proposed Accounting Standards Update on disclosure improvements, in form of the codification amendments in response to the Disclosure Update and Simplification Initiative of SEC. The consultation on the taxonomy improvements related to the proposed Accounting Standards Updates ends on June 28, 2019.
SEC issued the 2019 DEI as a result of the Fixing America’s Surface Transportation (FAST) Act Modernization and Simplification of Regulation S-K (Rule). New elements were added to the 2019 DEI Taxonomy to tag information on the cover pages of Forms 10-K, 10-Q, 8-K, 20-F, and 40-F in Inline XBRL. Questions about using the taxonomies and creating and submitting XBRL-tagged interactive data files in compliance with SEC rules should be directed to the SEC.
The 2019 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements since the 2018 Taxonomy, as used by issuers filing with SEC. The 2019 SEC Reporting Taxonomy contains elements necessary to meet the SEC requirements for financial schedules, 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 commonly used by GAAP filers.
Related Links
- Notification on Additional Taxonomy Entry Points (PDF)
- Notification on Proposed Taxonomy Improvements (PDF)
- 2019 US GAAP Financial Reporting Taxonomy
- 2019 SEC Reporting Taxonomy
- Release Notes on Proposed Taxonomy Improvements (PDF)
Comment Due Date: June 28, 2019 (Proposed Taxonomy Improvements
Keywords: Americas, US, Banking, Accounting, Securities, Reporting, Taxonomy, GAAP Taxonomy, SEC Reporting Taxonomy, DEI Taxonomy, XBRL, Accounting Standards Update, Disclosures, SEC, FASB
Featured Experts
Scott Dietz
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.
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.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
APRA Revises Guidance on Residential Mortgage LendingRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
