The Financial Accounting Standards Board has released the
The new GAAP taxonomy includes updates for new standards and other recommended improvements, including new rules around employee benefit plans, crypto assets, segment reporting, improvements to income tax disclosures, joint venture formations, and investments in tax credit structures.
The new SEC taxonomy includes improvements for dimensional elements whose underlying recognition and measurement aren’t specified by GAAP but are commonly used by GAAP filers and for SEC schedules related to information provided by insurance underwriters.
The DQCRT, meanwhile, is unique among the XBRL taxonomies because it focuses narrowly on conveying the XBRL US Data Quality Committee’s validation rules. It is primarily for use by regulators, and is not meant to be used in SEC filers’ extension taxonomies. FASB’s taxonomy staff evaluates the Data Quality Committee’s validation rules that have been available for use for more than a year for potential inclusion in the DQCRT.
The Securities and Exchange Commission is expected to give final approval to the GAAP and SEC reporting taxonomies in early 2024.
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