2020 GAAP Financial Reporting and SEC Reporting Taxonomies Available

The Financial Accounting Foundation (FASB) has released the 2020 GAAP Financial Reporting Taxonomy (Taxonomy) and the 2020 SEC Reporting Taxonomy (SRT), along with the new 2020 XBRL US DQC Rules Taxonomy (DQCRT). All taxonomies are pending final acceptance by the U.S. Securities and Exchange Commission (SEC).

The 2020 Taxonomy contains updates for the accounting standards and other recommended improvements. The 2020 SRT contains improvements to the dimensional elements whose underlying recognition and measurement are not specified by the GAAP but are elements commonly used by GAAP filers.

The DQCRT is a FASB taxonomy that includes in a derivative format XBRL US DQC Rules (DQCR) published by the 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 2020 taxonomies are expected to be accepted as final by the SEC in early 2020.

The taxonomies are available on the FASB’s Taxonomy (XBRL) pages.

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