FASB Releases 2022 Taxonomies for U.S. GAAP, SEC Financial Reporting, and XBRL DQC Rules
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 The 2022 SEC taxonomy “contains improvements for removing references for superseded guidance, adding references to improve selection of the appropriate element for the disclosure requirement, and adding new abstract elements.”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.
