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