In December 2021, the FASB released a proposed update to the US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy (US GAAP GRT) related to a Proposed Accounting Standards Update (ASU) on Liabilities - Supplier Finance Programs (Subtopic 405-50). The proposed revisions to the taxonomy will include new elements and reference updates.
The proposed update to the US GAAP GRT follows several updates released throughout the year as proposed ASUs are published. The US GAAP GRT, which includes all of the taxonomy updates, is released in the last quarter of each calendar year. Each proposed taxonomy update has a public comment period. However, the annual release of the taxonomy version for that year does not provide a public comment period for feedback related to taxonomy changes for ASUs.
Only annual compilations of the US GAAP GRT that are specified on the SEC’s website may be used in SEC XBRL submissions. The availability for public comment of the proposed US GAAP GRT improvements does not indicate SEC approval of any potential regulatory changes related to the EDGAR Filer Manual. Visit the SEC’s EDGAR webpage for updated information on when the SEC approves changes, if any, related to the EDGAR Filer Manual.
The taxonomy version for proposed improvements related to proposed ASUs will be determined based on the effective date of each final Accounting Standards Update.
The FASB is seeking feedback related to the proposed updates through March 21, 2022. Interested parties may submit comments via email to xbrled@fasb.org or by mail to “Chief of Taxonomy Development, File Reference No. 2021-007, FASB, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856-5116. All comments received are part of the FASB’s public file and made available on the GAAP Taxonomy Comment Letters page at fasb.org.
Sources:
FASB Issues Proposed Update for Future Taxonomy Related to Proposed ASU on Liabilities – Supplier Finance Programs (fasb.org)
