Media Advisory 12-17-21
2022 GAAP Financial Reporting Taxonomy, SEC Reporting Taxonomy, and DQC Rules Taxonomy Now Available
Norwalk, CT, December 17, 2021—The Financial Accounting Standards Board (FASB) today announced the availability of the 2022 GAAP Financial Reporting Taxonomy (GRT) and the 2022 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”). The FASB also is making available the 2022 DQC Rules Taxonomy (DQCRT), which together with the GAAP Taxonomy, are collectively referred to as the “FASB Taxonomies.”
The 2022 GRT contains updates for accounting standards and other recommended improvements. The 2022 SRT contains improvements for removing references for superseded guidance, adding references to improve selection of the appropriate element for the disclosure requirement, and adding new abstract elements to provide a complete organizational structure.
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, predominantly for regulator use. It is not intended to be used in SEC filers’ extension taxonomies, the way that the GRT or the SEC’s Document and Entity Information Taxonomy (DEI) is used. The DQCRT contains a subset of the DQC rules. FASB Taxonomy staff evaluate 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.
The 2022 GRT and 2022 SRT are expected to be accepted as final by the SEC in early 2022. The FASB Taxonomies are available on the FASB’s Taxonomy (XBRL) pages and through the following links:
2022 GRT, 2022 SRT, and 2022 DQCRT.
Questions about using the FASB 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.