FASB Releases 2020 Taxonomies for U.S. GAAP and SEC Financial Reporting
December 20, 2019
The FASB has released the 2020 U.S. GAAP Financial Reporting Taxonomy, the 2020 SEC Reporting Taxonomy, and — new this year — the 2020 XBRL U.S. Data Quality Committee (DQC ) Rules Taxonomy (DQCRT).
The 2020 U.S. GAAP taxonomy reflects updates as a result of accounting standards and other improvements. The 2020 SEC taxonomy meets the requirements for SEC financial schedules, guarantors’ condensed consolidating financial information, and disclosures about activities related to oil and gas production.
As explained in the FASB’s press release, the “DQCRT is a FASB taxonomy that includes in a derivative format XBRL US DQC Rules published by XBRL US as validation checks for XBRL filings with the SEC. The purpose of the DQCRT is to improve exposure to and compliance with the DQCRs. This initial implementation is limited to three DQCRs. Over time, additional DQCRs are likely to be included.”
The taxonomies are subject to final SEC approval, which is expected to be granted in early 2020.
For more information, see the press release, the U.S. GAAP taxonomy page, and the SEC taxonomy page on the FASB’s Web site.