The Financial Accounting Standards Board (FASB) has submitted proposed technical and other conforming improvements for the 2021 SEC Reporting Taxonomy (SRT). Changes include updates to standard labels and documentation labels. Other proposed improvements include new elements and reference modifications related to the SEC Release No. 33-10762 and modification of an element with a data type change.
The FASB is seeking feedback on whether users of the SRT agree with the proposed improvements. All comments should be submitted directly to the FASB by November 2, 2020.
The following are the proposed modifications to the Taxonomy:
- The Taxonomy includes one element with a proposed improvement to its standard label to better identify the substance and intended application of the element.
- The Taxonomy includes proposed improvements to five documentation labels (definitions). Those improvements were proposed to assist with intended application of the elements.
- The Taxonomy includes twenty-four new elements that were proposed for SEC Release No. 33-10762 for which the underlying recognition and measurement are not specified by GAAP but are used by GAAP filers.
- The Taxonomy includes 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 change also resulted in a change to the label from [Extensible List] to [Extensible Enumeration].
- The Taxonomy includes five elements with reference additions and eight elements with reference deletions that were proposed for SEC Release No. 33-10762 for which the underlying recognition and measurement are not specified by GAAP but are used by GAAP filers.
Details of the proposed improvements are provided in the Appendix.
Read full announcement here.