This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

FASB Releases 2022 Taxonomies for U.S. GAAP, SEC Financial Reporting, and XBRL DQC Rules

  • FASB (US Financial Accounting Standards Board) (lt blue) Image

Dec 17, 2021

On December 17, 2021, the Fi­nan­cial Ac­count­ing Stan­dards Board (FASB) announced the availability of the 2022 GAAP Financial Reporting Taxonomy (GRT) and the 2022 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”). The FASB also is making available the 2022 DQC Rules Taxonomy (DQCRT), which together with the GAAP Taxonomy, are collectively referred to as the “FASB Taxonomies.”

The 2022 U.S. GAAP taxonomy reflects updates as a result of accounting standards and other improvements. The 2022 SEC taxonomy “contains improvements for removing references for superseded guidance, adding references to improve selection of the appropriate element for the disclosure requirement, and adding new abstract elements.” The 2022 XBRL DQC taxonomy includes 10 new DQCRs.

The taxonomies are subject to final SEC approval, which is expected to be granted in early 2022. For more information, see the press release on the FASB’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.