Thursday, June 09. 2022

FASB Releases Proposed Taxonomy Implementation Guide on Disclosures about Offsetting Assets and Liabilities

On June 3rd, the FASB announced that it has released a proposed Taxonomy Implementation Guide based on the 2022 US GAAP Financial Reporting Taxonomy related to disclosures about offsetting assets and liabilities. Continue reading "FASB Releases Proposed Taxonomy Implementation..." »
Posted by
LeAnn Dey
in FASB News, SEC, US GAAP Taxonomy at 09:49

Thursday, May 26. 2022

SEC Announces Removal of 2020 Taxonomies

On May 24th, the SEC announced that the EDGAR system will be upgraded to Release 22.2 on June 21, 2022. 2020 versions of certain taxonomies will be removed, but all 2021 and 2022 versions of taxonomies will be available for use. The SEC reminds filers that they must use the same version year for all of the taxonomies in an EDGAR submission. Filers may not combine taxonomy versions from different years. Continue reading "SEC Announces Removal of 2020 Taxonomies" »
Posted by
LeAnn Dey
in EDGAR News, IFRS Taxonomy, SEC, US GAAP Taxonomy at 13:20

Tuesday, April 26. 2022

FASB Releases Proposed Taxonomy Implementation Guides for Accounting Changes, Reorganizations, and Reinsurance-Related Disclosures, Seeks Comment

The Financial Accounting Standards Board (FASB) has issued three proposed Taxonomy Implementation Guides (Implementation Guides) based on the US GAAP Reporting Taxonomy. The guides provide additional guidance and further insight for preparers using the taxonomy when creating their XBRL documents. The guides have been assessed by various advisors, including the SEC, industry resource groups, and members of the Taxonomy Advisory Group (TAG), and are neither authoritative nor the result of actions taken by the FASB. Continue reading "FASB Releases Proposed Taxonomy Implementation..." »
Posted by
LeAnn Dey
in FASB News, SEC, SEC Filing Help, US GAAP Taxonomy at 09:55

Friday, April 22. 2022

XBRL US DQC Releases Ruleset 18

On April 20th, the XBRL US Center for Data Quality (DQC) announced the opening of the 18th public exposure period for review and comment on five new automated checks, including modifications to rules for filers using the US GAAP taxonomy. The DQC rulesets are intended to improve the accuracy and integrity of XBRL financial reports that use these taxonomies. Continue reading "XBRL US DQC Releases Ruleset 18" »
Posted by
LeAnn Dey
in Data Quality Committee, US GAAP Taxonomy, XBRL at 13:29

Wednesday, March 23. 2022

FASB to Host Webinar: 2022 GAAP and SEC Reporting Taxonomy Improvements and SEC Update

The Financial Accounting Standards Board (FASB) has announced that it will host a webcast designed to provide participants with greater knowledge of how enhancements in the 2022 GAAP Financial Reporting Taxonomy (including those related to recently implemented FASB Accounting Standards Updates) will affect registrant XBRL filings. The event will take place on Tuesday, April 5, 2022 from 1:00 p.m. to 2:30 p.m. ET and will be presented live via webcast on fasb.org. {expires: 2022-04-06} Continue reading "FASB to Host Webinar: 2022 GAAP and SEC..." »
Posted by
LeAnn Dey
in Accounting, Events, FASB News, Filing Technology, US GAAP Taxonomy, XBRL at 08:00

Monday, February 14. 2022

SEC Provides Guidance Regarding Proper Tagging for Finance Lease Liability, Future Payments, and Excess Amount of the Future Payments Over the Finance Lease Liability

The SEC’s Division of Economic and Risk Analysis (DERA) has observed that some filers are not appropriately tagging disclosures about their finance lease liability, undiscounted future lease payments, and the excess amount of the undiscounted future lease payments over the finance lease liability (for example, imputed interest). DERA is providing guidance to filers to address some of this mistakes. Continue reading "SEC Provides Guidance Regarding Proper Tagging..." »
Posted by
LeAnn Dey
in DERA, SEC Filing Help, US GAAP Taxonomy at 10:03

Wednesday, January 26. 2022

FASB Publishes Proposed Revisions to Future Taxonomy Related to Proposed ASU on Liabilities - Supplier Finance Programs

In December 2021, the FASB released a proposed update to the US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy (US GAAP GRT) related to a Proposed Accounting Standards Update (ASU) on Liabilities - Supplier Finance Programs (Subtopic 405-50). The proposed revisions to the taxonomy will include new elements and reference updates. Continue reading "FASB Publishes Proposed Revisions to Future..." »
Posted by
LeAnn Dey
in Accounting, EDGAR News, FASB News, US GAAP Taxonomy, XBRL at 07:30

Friday, December 17. 2021

FASB Proposes Updates for Future Taxonomy Related to Proposed ASU on Troubled Debt Restructurings and Vintage Disclosures

On November 23, FASB issued proposed updates to the U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy concerning the Proposed Accounting Standards Update (ASU) on Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The proposed taxonomy updates are comprised of new elements, element deprecations, reference revisions, and updates to documentation and standard labels. Continue reading "FASB Proposes Updates for Future Taxonomy..." »
Posted by
LeAnn Dey
in EDGAR News, FASB News, US GAAP Taxonomy at 11:50

Friday, November 19. 2021

XBRL US to Host Webinar: DQC 17th Ruleset Public Review

XBRL US has announced that it will host a webinar on Thursday, December 2, at 1:00 p.m. ET to discuss the 17th Ruleset published by the Data Quality Committee (DQC) on November 15th. The rule set includes three new rules for US GAAP filers, two new rules for IFRS filers, and three rules for both US GAAP and IFRS filers. {expires: 2021-12-03} Continue reading "XBRL US to Host Webinar: DQC 17th Ruleset..." »
Posted by
LeAnn Dey
in Data Quality Committee, Events, Filing Technology, IFRS Taxonomy, US GAAP Taxonomy, XBRL at 15:05

XBRL US DQC Releases Ruleset 17

On November 15th, the XBRL US Center for Data Quality (DQC) announced the opening of the 17th public exposure period for review and comment on eight new automated checks, including modifications to rules for filers using the US GAAP or IFRS taxonomies. The DQC rulesets are intended to improve the accuracy and integrity of XBRL financial reports that use these taxonomies. {expires: 2022-01-01} Continue reading "XBRL US DQC Releases Ruleset 17" »
Posted by
LeAnn Dey
in Data Quality Committee, Filing Technology, IFRS Taxonomy, US GAAP Taxonomy, XBRL at 15:01

Thursday, November 18. 2021

FASB Seeks Comment on Proposed Improvements for the 2022 US GAAP GRT Reference Project and Proposed Accounting Standards Update on Interim Financial Disclosure Requirements

On November 1st, the Financial Accounting Standards Board (FASB) issued proposed improvements to references for the 2022 US GAAP Financial Reporting Taxonomy (GRT) and proposed improvements for the Accounting Standards Update (ASU) on Interim Financial Disclosure Requirements. These changes are intended to improve the usability of the taxonomy and enhance financial statement disclosures. Continue reading "FASB Seeks Comment on Proposed Improvements for..." »
Posted by
LeAnn Dey
in FASB News, SEC, US GAAP Taxonomy at 16:53

Monday, October 25. 2021

FASB Releases Proposed Changes for 2022 US GAAP Financial Reporting Taxonomy for Review and Comment

On October 1st, the Financial Accounting Standards Board (FASB) issued proposed technical and other conforming changes for the 2022 US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the associated release notes for public comment. The Financial Accounting Foundation (FAF) and the FASB are jointly responsible for the ongoing development and maintenance of the GAAP Financial Reporting Taxonomy (GRT). Along with maintenance of the GRT, technical and other conforming improvements are made in addition to those concerning Accounting Standards Updates issued in 2021. These improvements are now open for public review. Continue reading "FASB Releases Proposed Changes for 2022 US GAAP..." »
Posted by
LeAnn Dey
in FASB News, US GAAP Taxonomy at 11:59

Tuesday, September 14. 2021

SEC Releases Trend of Custom Tag Rates in XBRL Submissions from Fiscal Years 2018 to 2020

Staff from the SEC’s Division of Economic and Risk Analysis (DERA) have published the trend of custom tag usage in XBRL submissions for financial reporting in accordance with International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP) from fiscal years 2018 through 2020. When the standard XBRL taxonomy does not provide an appropriate element to tag the disclosure, the SEC’s rules allow filers to create custom tags. This modification accommodates special circumstances in a filer’s particular disclosure, but the SEC has recognized that using custom tags could potentially decrease the comparability of inter-company data. For this reason, the SEC’s rules specify the limited circumstances under which a filer is permitted to create custom tags. Continue reading "SEC Releases Trend of Custom Tag Rates in XBRL..." »
Posted by
The Novaworks Team
in DERA, IFRS Taxonomy, US GAAP Taxonomy at 14:20

Wednesday, September 08. 2021

FASB Releases Proposed DQC Rules Taxonomy and Technical Guide

The Financial Accounting Standards Board (FASB) staff has issued the XBRL US Proposed DQC Rules Taxonomy (DQCRT) for the US GAAP and SEC reporting taxonomies. Also released is the accompanying Proposed Technical Guide. Both are available for public review and comment until September 23, 2021. {expires: 2021-09-24} Continue reading "FASB Releases Proposed DQC Rules Taxonomy and..." »
Posted by
The Novaworks Team
in Data Quality Committee, FASB News, SEC, US GAAP Taxonomy at 09:05

Wednesday, July 21. 2021

XBRL US DQC Releases Ruleset 16

On July 15, 2021, XBRL US Data Quality Committee (DQC) released its 16th ruleset for a 45-day public review and comment period. The latest rule set is comprised of eight rules specific to US GAAP filers. {expires: 2021-08-01} Continue reading "XBRL US DQC Releases Ruleset 16" »
Posted by
The Novaworks Team
in Data Quality Committee, SEC, US GAAP Taxonomy, XBRL at 13:35
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