FASB releases 2021 U.S. GAAP and SEC taxonomies

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

Dec 17, 2020

On December 17, 2020, the Financial Accounting Standards Board (FASB) released the 2021 U.S. GAAP Financial Reporting Taxonomy, the 2021 SEC Reporting Taxonomy, and the 2021 XBRL U.S. Data Quality Committee (DQC) Rules Taxonomy (DQCRT).

The 2021 U.S. GAAP taxonomy reflects updates as a result of accounting standards and other improvements. The 2021 SEC taxonomy contains improvements based on two SEC final rules. The 2021 XBRL DQC taxonomy includes three new DQCRs.

The taxonomies are subject to final SEC approval, which is expected to be granted in early 2021. 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.