FASB announced that SEC has accepted the 2020 U.S. GAAP Financial Reporting Taxonomy and the 2020 SEC Reporting Taxonomy. The 2020 US GAAP Financial Reporting Taxonomy contains updates for 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 GAAP. Additionally, the 2020 XBRL US Data Quality Committee (DQC) Rules Taxonomy has been finalized.
The 2020 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. The Data Quality Committee Rules Taxonomy, however, 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, access, and compliance with the 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, Reporting, Taxonomy, DQCRT, XBRL, US GAAP, SEC, FASB
Previous ArticleEBA Guides on Assessment of MIS of Firms for Valuation in Resolution
FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.
HKMA urged authorized institutions to take early action to adhere to the IBOR Fallbacks Protocol, which ISDA is expected to publish soon.
FSB published a global transition roadmap for London Inter-bank Offered Rate (LIBOR).
HM Treasury published a document that summarizes the responses received from a consultation on the approach of UK to transposition of the revised Bank Resolution and Recovery Directive (BRRD2).
HM Treasury published the government response to the feedback received on the consultation for updating the prudential regime of UK before the end of the Brexit transition period.
In a recent statistical notice, BoE announced publication of the reporting schedule for statistical returns for 2021.
EC welcomed the joint declaration by 25 EU member states on building the next generation of cloud in Europe.
MAS published amendments to Notice 648 on the issuance of covered bonds by banks incorporated in Singapore.
FDIC has selected 14 technology companies—including Accenture Federal Services, LLC, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the next phase of the rapid prototyping competition.
GLEIF announced that financial institutions worldwide can realize a variety of cost, efficiency, and customer experience benefits by assuming a new “validation agent” role within the Global Legal Entity Identifier (LEI) System.