SEC Accepts 2022 U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy

The FASB has announced that the SEC has accepted the 2022 U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy. The 2022 taxonomies reflect accounting standards updated during the past year as well as recommended improvements to such topics as “credit losses, balance sheet offsetting, pledging and recourse, and deprecations from superseded guidance.” In addition, the FASB has finalized the 2022 DQC Rules Taxonomy.