2022 FASB Taxonomies now available

Posted on January 14, 2022 by Editor

Did you spot this important update for anyone involved in digital reporting in the US? In December, the Financial Accounting Standards Board (FASB) released the 2022 GAAP Financial Reporting Taxonomy (GRT) and the SEC Reporting Taxonomy (SRT), collectively referred to as the ‘GAAP Taxonomy.’ It also published the 2022 DQC Rules Taxonomy (DQCRT); this and the GAAP Taxonomy are together referred to as the ‘FASB Taxonomies.’ With these now available, vendors need to integrate the updates into their software products.

The GAAP Taxonomy is used for reporting financial data to the US Securities and Exchange Commission (SEC), providing machine-readable meanings for digital tags. The SEC is expected to accept the 2022 GRT and SRT as final early in the year. Both have been amended to reflect recent rule changes: the GRT contains updates for accounting standards and other improvements since the 2021 version. The SRT, which captures SEC reporting requirements, removes references superseded guidance, adds references to improve element selection, and adds new abstract elements to allow the provision of a complete organisational structure.

The DQCRT is uniquely structured for a narrow focus on conveying validation rules from the XBRL US Data Quality Committee (DQC). These rules, developed by the DQC, allow filings to be automatically checked and potentially corrected for data quality issues, and a growing subset is included in the DQCRT. As FASB explains, “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.” We are very pleased to see this developing focus on data quality, and its formalisation within the DQCRT.

Read more here and here.

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