FASB announced that SEC has accepted the 2019 U.S. GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy. For the 2019 taxonomy updates, some elements included in the 2018 GAAP Financial Reporting Taxonomy have been relocated to the 2019 SEC Reporting Taxonomy. 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. FASB specifies that questions about using the taxonomies and creating and submitting the XBRL tagged interactive data files in compliance with SEC rules should be directed to SEC.
Keywords: Americas, US, Accounting, Reporting, Taxonomy, GAAP Taxonomy, SEC Reporting Taxonomy, FASB, SEC
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EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.
EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).
NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.
MAS published the guidelines on individual accountability and conduct at financial institutions.
APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.
SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.
FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.
ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.
OSFI published the key findings of a study on third-party risk management.
FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.