SEC Accepts 2021 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
Norwalk, CT, March 23, 2021—The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2021 GAAP Financial Reporting Taxonomy (GRT) and the 2021 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”). The FASB also finalized the 2021 DQC Rules Taxonomy (DQCRT) which together with the GAAP Taxonomy are collectively referred to as the “FASB Taxonomies.”
The 2021 GAAP Taxonomy contains updates for accounting standards, improvements for two SEC final rules, and other recommended improvements.
In addition to the GAAP Taxonomy, the 2021 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, predominantly for regulator use. 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 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.
All of the FASB Taxonomies and their related release notes are available on the FASB’s Taxonomy pages and through the following links: 2021 GRT, 2021 SRT, and 2021 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 contact details and guidance are available at the SEC’s portal on XBRL.
Those interested in learning more about the FASB Taxonomies are invited to participate in a live CPE webcast entitled IN FOCUS: 2021 GAAP and SEC Reporting Taxonomy Improvements and SEC Update. Offered free of charge, the webcast takes place on Tuesday, April 6, 2021, 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. (Please 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.