- The Securities and Exchange Commission has accepted updates to the Financial Accounting Standards Board's GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy, FASB has announced.
- Each year, FASB updates and provides the SEC the taxonomies, which companies use in their financial reporting.
- The taxonomies use the SEC's required Extensible Business Reporting Language (XBRL) data-tagging format.
Questions about their use and creating and submitting XBRL-tagged interactive data files in compliance with SEC rules should be directed to the SEC, at the SEC’s XBRL portal.
FASB is hosting a live webcast on the updates for staff who prepare their companies' financial reports. The webcast is Tuesday, April 6, 1-2 p.m., ET. Attendees can earn 1.8 hours of CPE credit. Registration link.
FASB also finalized its 2021 DQC Rules Taxonomy, which concern the quality of XBRL data validation rules. More on that.