Media Advisory 12/20/19
2020 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy Now Available
Norwalk, CT, December 20, 2019—The Financial Accounting Foundation (FASB) today announced the availability of 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).
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 and access to and thereby compliance with the DQCRs. This initial DQCRT implementation is limited to three DQCRs. Over time, additional DQCRs may also be included. DQCRT files must not be referenced directly by any EDGAR submission, just as many GAAP Taxonomy linkbases must not be referenced in an EDGAR submission.
The 2020 GAAP Financial Reporting Taxonomy and 2020 SEC Reporting Taxonomy are expected to be accepted as final by the SEC in early 2020. The taxonomies are available on the FASB’s Taxonomy (XBRL) pages and through the following links: 2020 GAAP Financial Reporting Taxonomy, 2020 SRT, and 2020 XBRL US DQC Rules Taxonomy.
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 details and guidance are available at the SEC’s portal on Structured Data.