FASB consults on taxonomy upgrades

Posted on September 9, 2022 by Editor

For those with an interest in digital reporting in the US, the Financial Accounting Standards Board (FASB) is currently seeking feedback on two sets of taxonomy updates.

First up, it has issued for comment its Proposed 2023 DQC Rules Taxonomy (DQCRT) and an accompanying Technical Guide. This upgrade would expand the taxonomy to add eight new validation rules. These rules, developed by the XBRL US Data Quality Committee (DQC), can be used by filers to automatically check their XBRL reports for data quality issues before submission to the Securities and Exchange Commission (SEC). Comments are due by 6 October 2022.

The FASB has also published its Proposed Technical and Other Conforming Improvements for the 2023 SEC Reporting Taxonomy (SRT). The comment period to respond on these relatively minor amendments ends on 1 November 2022.

Read more here and here.

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