Monday, September 12. 2022
FASB Releases Proposed 2023 DQCRT for Review and Comment
On September 6th, the Financial Accounting Standards Board (FASB) staff issued the Proposed 2023 DQC Rules Taxonomy (DQCRT) for the US GAAP and SEC reporting taxonomies. Individuals and organizations may review and comment on the modifications made to the proposed DQCRT until October 6, 2022.
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Wednesday, August 17. 2022
SEC Announces XBRL Taxonomy Update
On August 15th, the SEC updated the EDGAR system to Release 22.2.2 which will now support the 2022Q3 supplemental US GAAP Financial Reporting Taxonomy and 2022Q3 supplemental SEC Reporting Taxonomy (SRT). The 2022Q3 supplements to the US GAAP Financial Reporting Taxonomy and SRT are comparable to supplements that the Financial Accounting Standards Board published on its website on August 2, 2022.
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Monday, July 11. 2022
FASB Announces Release of Proposed 2022 Q3 Supplemental GAAP Taxonomy for Public Review and Comment
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.
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Thursday, June 09. 2022
FASB Releases Proposed Taxonomy Implementation Guide on Disclosures about Offsetting Assets and Liabilities
On June 3rd, the FASB announced that it has released a proposed Taxonomy Implementation Guide based on the 2022 US GAAP Financial Reporting Taxonomy related to disclosures about offsetting assets and liabilities.
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Thursday, May 26. 2022
SEC Announces Removal of 2020 Taxonomies
On May 24th, the SEC announced that the EDGAR system will be upgraded to Release 22.2 on June 21, 2022. 2020 versions of certain taxonomies will be removed, but all 2021 and 2022 versions of taxonomies will be available for use. The SEC reminds filers that they must use the same version year for all of the taxonomies in an EDGAR submission. Filers may not combine taxonomy versions from different years.
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Tuesday, April 26. 2022
FASB Releases Proposed Taxonomy Implementation Guides for Accounting Changes, Reorganizations, and Reinsurance-Related Disclosures, Seeks Comment
The Financial Accounting Standards Board (FASB) has issued three proposed Taxonomy Implementation Guides (Implementation Guides) based on the US GAAP Reporting Taxonomy. The guides provide additional guidance and further insight for preparers using the taxonomy when creating their XBRL documents. The guides have been assessed by various advisors, including the SEC, industry resource groups, and members of the Taxonomy Advisory Group (TAG), and are neither authoritative nor the result of actions taken by the FASB.
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Friday, April 22. 2022
XBRL US DQC Releases Ruleset 18
On April 20th, the XBRL US Center for Data Quality (DQC) announced the opening of the 18th public exposure period for review and comment on five new automated checks, including modifications to rules for filers using the US GAAP taxonomy. The DQC rulesets are intended to improve the accuracy and integrity of XBRL financial reports that use these taxonomies.
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Wednesday, March 23. 2022
FASB to Host Webinar: 2022 GAAP and SEC Reporting Taxonomy Improvements and SEC Update
The Financial Accounting Standards Board (FASB) has announced that it will host a webcast designed to provide participants with greater knowledge of how enhancements in the 2022 GAAP Financial Reporting Taxonomy (including those related to recently implemented FASB Accounting Standards Updates) will affect registrant XBRL filings. The event will take place on Tuesday, April 5, 2022 from 1:00 p.m. to 2:30 p.m. ET and will be presented live via webcast on fasb.org. {expires: 2022-04-06}
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Posted by LeAnn Dey
in Accounting, Events, FASB News, Filing Technology, US GAAP Taxonomy, XBRL
at
08:00
Monday, February 14. 2022
SEC Provides Guidance Regarding Proper Tagging for Finance Lease Liability, Future Payments, and Excess Amount of the Future Payments Over the Finance Lease Liability
The SEC’s Division of Economic and Risk Analysis (DERA) has observed that some filers are not appropriately tagging disclosures about their finance lease liability, undiscounted future lease payments, and the excess amount of the undiscounted future lease payments over the finance lease liability (for example, imputed interest). DERA is providing guidance to filers to address some of this mistakes.
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Wednesday, January 26. 2022
FASB Publishes Proposed Revisions to Future Taxonomy Related to Proposed ASU on Liabilities - Supplier Finance Programs
In December 2021, the FASB released a proposed update to the US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy (US GAAP GRT) related to a Proposed Accounting Standards Update (ASU) on Liabilities - Supplier Finance Programs (Subtopic 405-50). The proposed revisions to the taxonomy will include new elements and reference updates.
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Friday, December 17. 2021
FASB Proposes Updates for Future Taxonomy Related to Proposed ASU on Troubled Debt Restructurings and Vintage Disclosures
On November 23, FASB issued proposed updates to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy concerning the Proposed Accounting Standards Update (ASU) on Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The proposed taxonomy updates are comprised of new elements, element deprecations, reference revisions, and updates to documentation and standard labels.
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Friday, November 19. 2021
XBRL US to Host Webinar: DQC 17th Ruleset Public Review
XBRL US has announced that it will host a webinar on Thursday, December 2, at 1:00 p.m. ET to discuss the 17th Ruleset published by the Data Quality Committee (DQC) on November 15th. The rule set includes three new rules for US GAAP filers, two new rules for IFRS filers, and three rules for both US GAAP and IFRS filers. {expires: 2021-12-03}
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Posted by LeAnn Dey
in Data Quality Committee, Events, Filing Technology, IFRS Taxonomy, US GAAP Taxonomy, XBRL
at
15:05
XBRL US DQC Releases Ruleset 17
On November 15th, the XBRL US Center for Data Quality (DQC) announced the opening of the 17th public exposure period for review and comment on eight new automated checks, including modifications to rules for filers using the US GAAP or IFRS taxonomies. The DQC rulesets are intended to improve the accuracy and integrity of XBRL financial reports that use these taxonomies. {expires: 2022-01-01}
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Posted by LeAnn Dey
in Data Quality Committee, Filing Technology, IFRS Taxonomy, US GAAP Taxonomy, XBRL
at
15:01
Thursday, November 18. 2021
FASB Seeks Comment on Proposed Improvements for the 2022 US GAAP GRT Reference Project and Proposed Accounting Standards Update on Interim Financial Disclosure Requirements
On November 1st, the Financial Accounting Standards Board (FASB) issued proposed improvements to references for the 2022 US GAAP Financial Reporting Taxonomy (GRT) and proposed improvements for the Accounting Standards Update (ASU) on Interim Financial Disclosure Requirements. These changes are intended to improve the usability of the taxonomy and enhance financial statement disclosures.
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Monday, October 25. 2021
FASB Releases Proposed Changes for 2022 US GAAP Financial Reporting Taxonomy for Review and Comment
On October 1st, the Financial Accounting Standards Board (FASB) issued proposed technical and other conforming changes for the 2022 US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the associated release notes for public comment. The Financial Accounting Foundation (FAF) and the FASB are jointly responsible for the ongoing development and maintenance of the GAAP Financial Reporting Taxonomy (GRT). Along with maintenance of the GRT, technical and other conforming improvements are made in addition to those concerning Accounting Standards Updates issued in 2021. These improvements are now open for public review.
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