FASB Releases 2021 Taxonomies for U.S. GAAP, SEC Financial Reporting, and XBRL DQC Rules

The FASB has released the 2021 U.S. GAAP Financial Reporting Taxonomy, the 2021 SEC Reporting Taxonomy, and the 2021 XBRL U.S. Data Quality Committee (DQC) Rules Taxonomy (DQCRT).

The 2021 U.S. GAAP taxonomy reflects updates as a result of accounting standards and other improvements. The 2021 SEC taxonomy contains improvements based on two SEC final rules. The 2021 XBRL DQC taxonomy includes three new DQCRs.

The taxonomies are subject to final SEC approval, which is expected to be granted in early 2021. For more information, see the press release on the FASB’s Web site.