The UK’s Financial Reporting Council (FRC) has published the draft version of the UK Single Electronic Format (UKSEF) Conformance Suite as part of the 2024 Taxonomy annual cycle. Open for public consultation until 31 December 2023, the suite is key to understanding and ensuring compliance with UKSEF filing requirements.
The IFRS Foundation has proposed updates to the IFRS Accounting Taxonomy 2023. This Proposed Update 2 addresses three key areas: common practice for financial instruments, general improvements, and technology updates.
The European Banking Authority (EBA) has published the technical package for phase 3 of version 3.3 of its reporting framework. This package comprises standard specifications, including validation rules, the Data Point Model (DPM), and XBRL taxonomies, specifically designed to facilitate the new reporting on Interest Rate Risk in the Banking Book (IRRBB).
The US Financial Accounting Standards Board (FASB) has released a proposed Taxonomy Implementation Guide, ‘Financial Statement Location Dimensions: A Guide for Preparers.’ This guide is based on the forthcoming 2024 GAAP Financial Reporting Taxonomy, pending SEC acceptance.
The US Financial Accounting Standards Board (FASB) has released proposed enhancements for the 2024 GAAP Taxonomy Reference Project. These improvements are open for public comment under File Reference No. 2024-3000 until 16 November 2023.
A refreshed and reconstituted IFRS Taxonomy Consultative Group (ITCG) met yesterday and will continue to deliberate tomorrow at the IFRS offices in London.
The Financial Accounting Standards Board (FASB) has released proposed technical and conforming improvements for the 2024 GAAP Taxonomy.
The US Financial Accounting Standards Board (FASB) has published its proposed 2024 DQC Rules Taxonomy (DQCRT), with accompanying release notes.
The XBRL US Regulatory Modernization Working Group (RMWG) has submitted a letter to the Securities and Exchange Commission (SEC) with observations and recommendations on the Commission’s taxonomy development process.
The new taxonomies, now promoted to Candidate Recommendation status, will free regulators from manually defining and maintaining their own lists, and improve the consistency and comparability of XBRL reports.
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