FASB Staff Proposes Technical and Other Conforming Improvements to the 2023 SEC Reporting Taxonomy

The FASB staff has proposed technical and other conforming improvements to the 2023 SEC Reporting Taxonomy. The proposed enhancements include the following:

• One “new element for which the underlying recognition and measurement are not specified by GAAP but are used by GAAP filers.”
• Five “modified documentation labels . . . to better identity the substance and intended application of the elements.”

Comments on the proposal are due by November 1, 2022. For more information, see the release notes on the FASB’s Web site.