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