SEC Accepts 2021 U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy

The FASB has announced that the SEC has accepted the 2021 U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy. The 2021 taxonomies reflect accounting standards updated during the past year as well as improvements related to two SEC final rules and other enhancements. In addition, the FASB has finalized the 2021 DQC Rules Taxonomy.