The Financial Accounting Standards Board (FASB) has released the Proposed 2022 Q3 Supplemental GAAP Taxonomy for public review and comment. The publication introduces enhancements to the GAAP Financial Reporting Taxonomy and the SEC Reporting Taxonomy, collectively known as the GAAP Taxonomy.
Included in the Proposed 2022 Q3 Supplemental GAAP Taxonomy are improvements for SEC Release Nos. 33–10771, 34–88606, and IC–33836, which require a business development company to submit financial statement information using Inline XBRL. The Proposed 2022 Q3 Supplemental GAAP Taxonomy also will include improvements necessary for tagging disclosures required by SEC Staff Accounting Bulletin No. 121, which covers the accounting for requirements to protect crypto-assets that an entity holds for platform users.
The Proposed 2022 Q3 Supplemental GAAP Taxonomy is expected to be made available to the SEC as an interim release before the end of the third quarter of 2022. For more details, visit the SEC’s Office of Structured Disclosure webpage on sec.gov.
Users may submit written comments on the proposed improvements through August 1, 2022. See the FASB’s website for information on how to submit comments.