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.
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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APRA announced that it is resuming consultation on the confidentiality of data submitted to APRA by the authorized deposit-taking institutions.
BoE and FCA are supporting and encouraging liquidity providers in the sterling swaps market to adopt new quoting conventions for inter-dealer trading based on SONIA, instead of LIBOR, from October 27, 2020.
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EC adopted a decision determining, for a limited period of time, that the regulatory framework applicable to central counterparties, or CCPs, in the UK and Northern Ireland is equivalent to the requirements laid down in the European Market Infrastructure Regulation (EMIR or Regulation 648/2012).
ESMA announced that it will recognize three central counterparties (CCPs) established in the UK as third-country CCPs, from January 01, 2021.
PRA published Version 02.04 of the PRA110 liquidity metric monitoring tool (PRA110 LMM tool).
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FCA is consulting on its approach to the authorization and supervision of international firms operating in UK.