You may recall from the newsletter last week the announcement of the Recommended Extensible Enumerations 2.0 specification – which powers extensible lists within XBRL reports – being implemented by the Financial Accounting Standards Board (FASB) for use with SEC filings from 2021.
Extensible lists are a powerful XBRL feature that allow the selection of concepts from a pre-defined list.
The Financial Accounting Standards Board (FASB) has incorporated the DQC validation rule documentation into the 2020 release of the US GAAP Financial Reporting Taxonomy. The validation rules, developed by the XBRL US Data Quality Committee (DQC), are used by filers to check the accuracy of their data before they submit it to the SEC. This […]
At the end of last year the Financial Accounting Standards Board (FASB) announced the release of the updated 2020 GAAP Taxonomy, 2020 SEC Taxonomy and the XBRL US DQC (Data Quality Commission) Rules Taxonomy. The GAAP Taxonomy and SEC Taxonomy are expected to be accepted as final by the SEC in early 2020. They are […]
The Financial Accounting Standards Board (FASB) has issued proposed taxonomy updates and improvements for 2020. Stakeholders are invited to comment on the proposed changes, with the deadline for comments being 3 January 2020. The proposed changes are pending SEC acceptance of the 2020 FASB US GAAP Financial Reporting Taxonomy. Read more and access the release […]
This week the US Financial Accounting Standards Board (FASB) Chairman Russell Golden gave some insightful remarks on the development, utility and future potential of XBRL data at the 2019 XBRL US Investor Forum on Driving Actionable Analytics. Golden joined FASB at the beginning of the SEC’s voluntary programme of XBRL filing, and has seen the […]
More news on accounting for goodwill this week as the US’s Financial Accounting Standards Board (FASB) announced it will be hosting a public roundtable discussion to gather views on its recent Invitation to Comment (ITC) on Identifiable Intangible Assets and Subsequent Accounting for Goodwill. The roundtable will be held on 15 November 2019 and give […]
With global markets expected to move away from discredited interbank offered rates such as LIBOR by 2022, the Financial Accounting Standards Board (FASB) have issued a proposed Accounting Standards Update (ASU). The update is designed to provide temporary and optional accounting relief that should ease the extra burden associated with accounting for contracts affected by […]
The Financial Accounting Standards Board (FASB) recently released a draft proposal for technical and other conforming improvements to the SEC 2020 taxonomy. The changes include improvements to four standard labels, improvements to four documentation labels and eight new elements. The proposal is open for comment until 8 November 2019. Interested parties should email their comments […]
In January 2019 the US’s Financial Accounting Standards Board’s (FASB) new standard on leases, ASC 842, came into effect, requiring companies to report leasing costs on their balance sheet. But why is lease accounting important for investors and analysis? In a helpful article on Value Walk last week Christine Tan outlined the significance of the […]