FASB Releases 2022 Taxonomies for U.S. GAAP, SEC Financial Reporting, and XBRL DQC Rules

The FASB has released the 2022 U.S. GAAP Financial Reporting Taxonomy, the 2022 SEC Reporting Taxonomy, and the 2022 XBRL U.S. Data Quality Committee (DQC) Rules Taxonomy.

The 2022 U.S. GAAP taxonomy reflects updates as a result of accounting standards and other improvements. The 2022 SEC taxonomy “contains improvements for removing references for superseded guidance, adding references to improve selection of the appropriate element for the disclosure requirement, and adding new abstract elements.” The 2022 XBRL DQC taxonomy includes 10 new DQCRs.

The taxonomies are subject to final SEC approval, which is expected to be granted in early 2022. For more information, see the press release on the FASB’s Web site.