FASB releases 2022 GAAP taxonomy

Accounting

The Financial Accounting Standards Board has released the 2022 GAAP Financial Reporting Taxonomy, and the 2022 SEC Reporting Taxonomy.

The new GAAP Financial Reporting Taxonomy, or GRT, has been updated for the latest accounting standards, as well as other improvements. The new SEC Reporting Taxonomy, or SRT, removes references to supersede guidance, and adds references to help in choosing the right element for a disclosure requirement, among other improvements.

The board also released its 2022 DQC Rules Taxonomy, or DQCRT. This taxonomy is narrowly focused on the XBRL US Data Quality Committee’s validation rules, and is mainly for regulator use, not for use in SEC filers’ extension taxonomies. The DQCRT taxonomy contains a subset of the DQC’s rules that have been available for over a year and have been evaluated by the FASB taxonomy staff for inclusion.

The taxonomies need final approval from the Securities and Exchange Commission, which is expected in early 2022.

For more information about the taxonomies, visit the 2022 SEC Reporting Taxonomy.

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