Media Advisory 03/10/20

SEC Accepts 2020 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy


Norwalk, CT, March 10, 2020—The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2020 GAAP Financial Reporting Taxonomy (Taxonomy) and the 2020 SEC Reporting Taxonomy (SRT).

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

In addition to the Taxonomy and the SRT, the 2020 XBRL US DQC Rules Taxonomy (DQCRT) has been finalized. The DQCRT is a FASB taxonomy that includes in a derivative format XBRL US DQC Rules (DQCR) published by XBRL US as validation checks for XBRL filings with the SEC. The purpose of the DQCRT is to improve exposure and access to DQCRs as well as to increase compliance with DQCRs. Over time, additional DQCRs also may be included. DQCRT files must not be referenced directly to any EDGAR submission, just as many GAAP Taxonomy linkbases must not be referenced in an EDGAR submission.

All of the Taxonomies and their related release notes are available on the FASB’s XBRL pages and through the following links: 2020 GAAP Financial Reporting Taxonomy and 2020 SRT.

Questions about using the Taxonomies and creating and submitting XBRL tagged interactive data files in compliance with SEC rules should be directed to the SEC.  SEC contact details and guidance are available at the SEC’s portal on XBRL.

Those interested in learning more about the 2020 GAAP Financial Reporting Taxonomy and the 2020 SEC Reporting Taxonomy are invited to participate in a live CPE webcast entitled IN FOCUS: 2020 GAAP and SEC Reporting Taxonomy Improvements and SEC Update. Offered free of charge, the webcast takes place on Thursday, April 2, 2020, from 1:00 to 2:30 p.m. Eastern Daylight Time. Participants in the live broadcast will be eligible for up to 1.8 hours of CPE credit. (Please note that CPE credit is not available for group viewing of the live broadcast.) To register or to learn more about the webcast, log on to www.fasb.org.