Media Advisory 12-17-20
2021 GAAP Financial Reporting Taxonomy, SEC Reporting Taxonomy, and XBRL US DQC Rules Taxonomy Now Available
Norwalk, CT, December 17, 2020—The Financial Accounting Standards Board (FASB) today announced the availability of the 2021 GAAP Financial Reporting Taxonomy (Taxonomy), the 2021 SEC Reporting Taxonomy (SRT), and the 2021 XBRL US DQC Rules Taxonomy (DQCRT), collectively, referred to as the “taxonomies.”
The 2021 Taxonomy contains updates for accounting standards and other recommended improvements. The 2021 SRT contains improvements for two U.S. Securities and Exchange Commission (SEC) final rules and dimensional elements whose underlying recognition and measurement are not specified by the GAAP but are elements commonly used by GAAP filers.
The DQCRT is a FASB taxonomy that includes in a derivative format XBRL US DQC Rules (DQCRs) published by XBRL US as validation checks for XBRL filings with the SEC. The purpose of the DQCRT is to improve exposure and access to and thereby use of the DQCRs. The 2021 DQCRT includes three additional DQCRs, including DQCRs 0004, 0008, and 0048, bringing the total number of DQCRs included in the DQCRT to six. DQCRT files must not be referenced directly by any Electronic Data Gathering, Analysis, and Retrieval System (EDGAR) submission, just as many GAAP Taxonomy linkbases must not be referenced in an EDGAR submission.
The 2021 GAAP Financial Reporting Taxonomy and 2021 SEC Reporting Taxonomy are expected to be accepted as final by the SEC in early 2021. The taxonomies are available on the FASB’s Taxonomy (XBRL) pages and through the following links:
2021 GAAP Financial Reporting Taxonomy, 2021 SRT, and 2021 XBRL US DQC Rules Taxonomy.
Questions about using the taxonomies and creating and submitting XBRL-tagged interactive data files in compliance with SEC rules should be directed to the SEC. SEC details and guidance are available at the SEC’s portal on Structured Data.