FASB Releases 2023 Taxonomies for U.S. GAAP, SEC Financial Reporting, and XBRL DQC Rules

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Dec 16, 2022

On De­cem­ber 16, 2022, the Fi­nan­cial Ac­count­ing Stan­dards Board (FASB) released the 2023 GAAP Fi­nan­cial Re­port­ing Tax­on­omy (GRT) and the 2022 SEC Re­port­ing Tax­on­omy (SRT) (col­lec­tively re­ferred to as the “GAAP Tax­on­omy”). The FASB also released the 2023 XBRL DQC Rules Tax­on­omy (DQCRT), which to­gether with the GAAP Tax­on­omy, are col­lec­tively re­ferred to as the “FASB Tax­onomies.”

The 2023 U.S. GAAP taxonomy reflects updates as a result of accounting standards and other improvements. The 2023 SEC taxonomy “contains improvements for SEC Staff Accounting Bulletin (SAB) No. 121 on obligations to safeguard crypto assets that an entity holds for platform users and modified documentation labels to identify the substance and intended application of the elements.” The 2023 XBRL DQC taxonomy includes seven new DQCRs.

The taxonomies are subject to final SEC approval, which is expected to be granted in early 2023. For more information, see the press release on the FASB’s Web site.

Correction list for hyphenation

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