SEC Accepts 2021 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy

The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2021 GAAP Financial Reporting Taxonomy (GRT) and the 2021 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”). The FASB also finalized the  2021 DQC Rules Taxonomy (DQCRT) which together with the GAAP Taxonomy are collectively referred to as the “FASB Taxonomies.”

The 2021 GAAP Taxonomy contains updates for accounting standards, improvements for two SEC final rules, and other recommended improvements.

In addition to the GAAP Taxonomy, the 2021 DQCRT has been finalized. The DQCRT is uniquely structured from the typical design of XBRL taxonomies because it is narrowly focused on conveying the XBRL US Data Quality Committee’s (DQC) validation rules, predominantly for regulator use. It is not intended to be used in SEC filers’ extension taxonomies the way that the GAAP Taxonomy or the SEC’s Document and Entity Information Taxonomy (DEI) is used. The DQCRT contains a subset of the DQC rules. FASB Taxonomy staff evaluate the validation rules for inclusion in the DQCRT that have been available for use for more than a year, with consideration for how the DQC addressed any feedback received on a validation rule.