On September 1, 2020, the Financial Accounting Standards Board (FASB), the organization responsible for the ongoing development and maintenance of the SEC Reporting Taxonomy (SRT), announced proposed technical enhancements for the 2021 SEC Reporting Taxonomy. The planned improvements were published in a set of release notes that describe the proposed upgrades, which were designed to improve the overall functionality of the SRT.
An appendix containing SRT technical and other corresponding improvements has been posted as a separate Excel file to the Taxonomy Improvements on the FASB website.
The 2021 proposed modifications to the SEC Reporting Taxonomy will feature the following revisions:
- one element with planned enhancements to its standard label to better detect the substance and intended application of the element.
- five documentation labels (definitions) have proposed improvements. Those improvements were proposed to support the intended use of the elements.
- twenty-four new elements proposed for SEC Release No. 33-10762 for which the core recognition and measurement are not specified by GAAP but are utilized by GAAP filers.
- one element with a data type change from the finalization of the Extensible Enumerations specification (EE 2.0) by the eXtensible Business Reporting Language (XBRL) International Standards Board. This modification also resulted in a change for the element’s label to Extensible Enumeration from Extensible List.
- five elements with reference additions and eight elements with reference deletions proposed for SEC Release No. 33-10762 for which the underlying recognition and measurement are not specified by GAAP but are utilized by GAAP filers.
The FASB Taxonomy staff welcomes written comments from the public related to all matters presented in its release notes, whether in agreement with proposed concepts or not. Interested individuals and organizations may submit remarks either by emailing xbrl@fasb.org or by mailing comments to “Chief of Taxonomy Development, FASB 401 Merritt 7, P.O. Box 5116, Norwalk, CT 06856-5116.” Please refer to the File Reference Number 2021-100. The review and comment period closes November 2, 2020 and FASB will make all comments publicly available by posting them to the Comment Letters-XBRL page.
Sources:
FASB Holds Public Review for Technical Improvements for the 2021 SEC Reporting Taxonomy (xbrl.us)
Proposed Technical and Other Conforming Improvements for the 2021 SEC Reporting Taxonomy (fasb.org)
FASB: Taxonomy (XBRL) (fasb.org)
