On September 8th, the FASB announced that it has released for public review and comment proposed technical and other conforming improvements for the
2023 SEC Reporting Taxonomy (SRT) along with the related
release notes. The technical and conforming modifications made to the SRT are designed to improve its overall utility.
The proposed taxonomy enhancements include:
- one new element for which the underlying recognition and measurement are not specified by GAAP but are used by GAAP filers
- five proposed modified documentation labels (definitions) to better identify the substance and intended application of the elements
Interested parties may submit written comments on the proposed improvements via email to xbrled@fasb.org through November 1, 2022. The SEC encourages participation in this public review to continue to improve the process for creating and using XBRL-structured financial statements.
Source:
FASB Issues Proposed Changes and Technical Guide for 2023 SEC Reporting Taxonomy (sec.gov)
Release Notes (fasb.org)
