FASB Staff Proposes Improvements to SEC Reporting Taxonomy

The FASB staff has proposed technical and other conforming improvements to the 2021 SEC Reporting Taxonomy.

The proposal would modify standard and documentation labels and would introduce 24 “new elements that were proposed for SEC Release No. 33-10762 for which the underlying recognition and measurement are not specified by GAAP but are used by GAAP filers.”

Comments on the proposed SEC taxonomy improvements are due by November 2, 2020.