FASB publishes proposed GAAP Taxonomy for review

Posted on July 8, 2022 by Editor

The Financial Accounting Standards Board (FASB) has announced that its Proposed 2022 Q3 Supplemental GAAP Taxonomy is now available for public review and comment. This offers improvements to both the GAAP Financial Reporting Taxonomy and the SEC Reporting Taxonomy, together known as the ‘GAAP Taxonomy.’

The proposed amendments allow for new Securities and Exchange Commission (SEC) rules on requirements for business development companies to submit financial statements in Inline XBRL, as well as on digital disclosures relating to the safeguarding of crypto-assets. Comments are due by 1 August 2022, with the SEC expected to make the Proposed 2022 Q3 Supplemental GAAP Taxonomy available as an interim release by the end of the third quarter of 2022.

Read more here.

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