FASB Staff Proposes Improvements to SEC Reporting Taxonomy

The FASB staff has proposed technical and other conforming improvements to the 2020 SEC Reporting Taxonomy.

The proposal would modify standard and documentation labels and would introduce eight “new elements that were proposed based on a topical review for accounting changes and error corrections for which the underlying recognition and measurement are not specified by GAAP but are used by GAAP filers.”

Comments on the proposed SEC taxonomy improvements are due by November 8, 2019. For more information, see the release notes on the FASB’s Web site.