SEC Accepts 2022 U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy

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Mar 22, 2022

On March 22, 2022, the Se­cu­ri­ties and Ex­change Com­mis­sion (SEC) announced that it has accepted the 2022 GAAP Financial Reporting Taxonomy (GRT) and the 2022 SEC Reporting Taxonomy (SRT) (collectively referred to as the “GAAP Taxonomy”). The FASB also finalized the 2022 DQC Rules Taxonomy (DQCRT) which together with the GAAP Taxonomy are collectively referred to as the “FASB Taxonomies.”

The 2022 GAAP Taxonomy contains updates for amendments to accounting standards and other recommended improvements to the following topics and disclosure areas: credit losses, balance sheet offsetting, pledging and recourse, and deprecations from superseded guidance.

Re­view the press release on the SEC's web­site.

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