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SEC accepts 2022 GAAP Financial Reporting Taxonomy and SEC reporting taxonomy

Written on Mar 28, 2022

FASB reported that the SEC has accepted the 2022 GAAP Financial Reporting Taxonomy (GRT) and the 2022 SEC Reporting Taxonomy (SRT) (collectively referred to as the GAAP Taxonomy). FASB also finalized the 2022 DQC Rules Taxonomy (DQCRT) which together with the GAAP Taxonomy are collectively referred to as the FASB Taxonomies.

The 2022 GAAP Taxonomy contains updates for amendments to accounting standards and other recommended improvements to the following topics and disclosure areas: credit losses, balance sheet offsetting, pledging and recourse and deprecations from superseded guidance.

In addition to the GAAP Taxonomy, the 2022 DQCRT has been finalized. The DQCRT is uniquely structured from the typical design of XBRL taxonomies because it is narrowly focused on conveying the XBRL US Data Quality Committee’s (DQC) validation rules. It is not intended to be used in SEC filers’ extension taxonomies the way that the GAAP Taxonomy or the SEC’s Document and Entity Information Taxonomy (DEI) is used. The DQCRT contains a subset of the DQC rules. FASB Taxonomy staff evaluates the validation rules for inclusion in the DQCRT that have been available for use for more than a year, with consideration for how the DQC addressed any feedback received on a validation rule.

Those interested in learning more about the FASB Taxonomies are invited to participate in a live CPE webcast: IN FOCUS: 2022 GAAP and SEC Reporting Taxonomy Improvements and SEC Update. Offered free of charge, the webcast takes place April 5, 2022, from 1:00 to 2:30 p.m. Eastern Daylight Time. Participants in the live broadcast will be eligible for up to 1.8 hours of CPE credit. (Note that CPE credit is not available for group viewing of the live broadcast.) To register or to learn more about the webcast, log on to www.fasb.org.