FASB Releases 2020 Taxonomies for U.S. GAAP and SEC Financial Reporting
FASB Releases 2020 Taxonomies for U.S. GAAP and SEC Financial
December 20, 2019
The FASB has released the 2020 U.S. GAAP Financial Reporting Taxonomy, the 2020 SEC
Reporting Taxonomy, and — new this year — the 2020 XBRL U.S. Data Quality Committee
(DQC ) Rules Taxonomy (DQCRT).
The 2020 U.S. GAAP taxonomy reflects updates as a result of accounting standards and
other improvements. The 2020 SEC taxonomy meets the requirements for SEC financial
schedules, guarantors’ condensed consolidating financial information, and
disclosures about activities related to oil and gas production.
As explained in the FASB’s press release, the “DQCRT is a FASB taxonomy that includes in a
derivative format XBRL US DQC Rules published by XBRL US as validation checks for
XBRL filings with the SEC. The purpose of the DQCRT is to improve exposure to and
compliance with the DQCRs. This initial implementation is limited to three DQCRs.
Over time, additional DQCRs are likely to be included.”
The taxonomies are subject to final SEC approval, which is expected to be granted in