SEC Accepts 2023 U.S. GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy

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Mar 21, 2023

On March 21, 2023, the Se­cu­ri­ties and Ex­change Com­mis­sion (SEC) an­nounced that it has ac­cepted the 2023 GAAP Fi­nan­cial Re­port­ing Tax­on­omy (GRT) and the 2023 SEC Re­port­ing Tax­on­omy (SRT) (col­lec­tively re­ferred to as the “GAAP Tax­on­omy”). The FASB also fi­nal­ized the 2023 DQC Rules Tax­on­omy (DQCRT) which to­gether with the GAAP Tax­on­omy are col­lec­tively re­ferred to as the “FASB Tax­onomies.”

The 2023 taxonomies reflect accounting standards updated during 2022 and other improvements related to business development companies “that submit financial statement information using Inline eXtensible Business Reporting Language.”

Re­view the press re­lease on the SEC's web­site.

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