SEC adopts FASB’s 2021 XBRL taxonomies

Posted on March 26, 2021 by Editor

In another annual taxonomy refresh, the US Financial Accounting Standards Board (FASB) has confirmed that the Securities and Exchange Commission (SEC) has approved its 2021 GAAP Financial Reporting Taxonomy (GRT) and 2021 SEC Reporting Taxonomy (SRT), together known as the ‘US GAAP Taxonomy.’ It includes updates for accounting standards, improvements for two SEC final rules, and other recommended upgrades. It is now important for software vendors to revise their products to reflect these changes.

FASB has also finalised the 2021 DQC Rules Taxonomy (DQCRT). The DQCRT is narrowly focused on conveying the XBRL US Data Quality Committee’s (DQC) validation rules; this and the US GAAP Taxonomy make up the ‘FASB Taxonomies.’

All the 2021 FASB Taxonomies and their related release notes are now available from FASB. If you’re interested in learning more, join FASB’s live webinar, ‘IN FOCUS: 2021 GAAP and SEC Reporting Taxonomy Improvements and SEC Update,’ on 6 April 2021 – and email your questions in advance!

Read more here.

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