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    FASB Proposes Technical Improvements to 2021 SEC Reporting Taxonomy

    September 01, 2020

    FASB proposed technical and other conforming improvements to the 2021 SEC Reporting Taxonomy, with the comment period on the proposals ending on November 02, 2020. The accompanying release notes describe the proposed technical and other conforming improvements that were designed to improve the utility of the SEC Reporting Taxonomy. The proposed modifications have been provided in the Appendix to the release notes.

    The following are the proposed modifications to the SEC Reporting Taxonomy:

    • The SEC Reporting Taxonomy includes one element with a proposed improvement to its standard label to better identify the substance and intended application of the element.
    • The Taxonomy includes proposed improvements to five documentation labels (definitions). Those improvements were proposed to assist with intended application of the elements.
    • The Taxonomy includes twenty-four new elements that were proposed for SEC Release No. 33-10762, for which the underlying recognition and measurement are not specified by GAAP but are used by GAAP filers.
    • The Taxonomy includes one element with a data type change from the finalization of the Extensible Enumerations specification (EE 2.0) by the eXtensible Business Reporting Language (XBRL) International Standards Board. This change also resulted in a change to the label from [Extensible List] to [Extensible Enumeration].
    • The Taxonomy includes five elements with reference additions and eight elements with reference deletions that were proposed for SEC Release No. 33-10762, for which the underlying recognition and measurement are not specified by GAAP but are used by GAAP filers. 

     

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    Comment Due Date: November 02, 2020

    Keywords: Americas, US, Banking, Securities, Reporting, Taxonomy, SEC Reporting Taxonomy, EE 2.0, Extensible Enumerations, SEC, FASB

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