SEC implements supplemental GAAP Taxonomy
The US Securities and Exchange Commission (SEC) has accepted the final 2022 Q3 Supplemental GAAP Taxonomy, following its release for public review by the Financial Accounting Standards Board (FASB) earlier in the year. This introduces updates to its two key taxonomies, the GAAP Financial Reporting Taxonomy and the SEC Reporting Taxonomy, collectively known as the ‘GAAP Taxonomy.’ The changes allow for new SEC rules requiring business development companies to submit financial statement information in Inline XBRL, as well as the introduction of digital disclosures relating to the safeguarding of crypto-assets.
The SEC has also announced that it has upgraded its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system to release 22.2.2, supporting the supplemental taxonomies. As ever, it encourages filers to ensure they use the most up-to-date taxonomy releases.