FASB Consults on XBRL US DQC Rules Taxonomy and Technical Guides
FASB is consulting on the XBRL US Data Quality Committee (DQC) Rules Taxonomy (DQCRT) along with two technical guides. The guides provide technical details of the proposed 2021 US GAAP Financial Reporting Taxonomy, DQCRT, and SEC Reporting Taxonomy. The comment period on the consultation ends on December 01, 2020. For the Proposed 2021 DQCRT, the DQC Rules 0004, 0008, and 0048 have been added to the taxonomy. Additional improvements have been made for DQC Rules 0001 and 0015. The technical guides have been updated for upcoming changes to the 2021 taxonomies for Extensible Enumerations 2.0 and the Data Type Registry.
XBRL US DQC Rules are proposed to be included in the DQCRT with the US GAAP Financial Reporting Taxonomy to improve exposure to, and compliance with, the DQC rules. The DQC rules are XBRL US-published validation rules for XBRL filings with SEC; these rules are included in a derivative form that identify the concepts the rules apply to, with necessary information for software and human readers to understand the rule and the applicable elements. The proposed DQCRT has been built on the 2020 taxonomy because the 2021 taxonomy is not yet available for use. The DQCRT will be updated to 2021 at final release. The 2021 implementation is limited to six DQC rules. Future releases are likely to include additional DQC rules. For the 2021 DQCRT, the structure of the taxonomy has been modified so that each included DQC rule is contained in an individual schema with embedded linkbases and the primary schema only contains the common XBRL elements used across each of the DQC rule schemas. One schema also contains an embedded calculation linkbase to facilitate expressing the DQC rule.
The intended audience for the technical guides is a technical user familiar with XBRL and other specifications and modules of XBRL, XML Schema, and XSLT stylesheets. Business users may be interested in the documents and these are written such that a business user familiar with the technologies (XBRL, XML Schema, XSLT, and so forth) will be comfortable with these documents. Users looking for guidance to conform to SEC XBRL filing requirements should look to the SEC EDGAR Filer Manual and other information provided on the SEC website.
Additionally, on October 21, 2020, FASB also proposed Taxonomy improvements for the following proposed Accounting Standards Updates:
- SEC Release No. 33-10835; 34-89835: Update of Statistical Disclosures for Banks and Savings and Loan Registrants. The comment period for this ends on November 16, 2020.
- Leases (Topic 842): Targeted Improvements. The comment period for this ends on December 04, 2020.
Related Links
- Notification on DQC Rules (PDF)
- Proposed Update
- Proposed 2021 DQCRT
- Proposed Technical Guide on GAAP Taxonomy and DQCRT (PDF)
- Proposed Technical Guide on SEC Taxonomy (PDF)
- Notification on SEC Taxonomy Improvements
Comment Due Date: December 01, 2020
Keywords: Americas, US, Banking, Securities, Data Quality, DQCRT, XBRL, Taxonomy, Technical Guide, Reporting, GAAP Taxonomy, SEC Reporting Taxonomy, 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.
Related Articles
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
FSB Reports Assess NBFI Sector and Progress on LIBOR Transition
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.