Inappropriate Custom Members for Certain Axes
Oct. 13, 2020
The U.S. GAAP Financial Reporting Taxonomy (GAAP Taxonomy) has designated a limited set of permitted members[1] for certain axes[2] in Commission filings. For example, the four axes below are allowed to have only the following members:[]
| Axis | Allowed Members | |
|---|---|---|
| 1 | ReclassificationOutOfAccumulatedOtherComprehensiveIncomeAxis | A) Reclassification Out of Accumulated Other Comprehensive Income |
| 2 | FairValueByMeasurementFrequencyAxis |
A) Fair Value Recurring B) Fair Value Non-Recurring |
| 3 | FairValueByMeasurementBasisAxis |
A) Portion at Fair Value Measurement B) Reported Value Measurement C) Estimate of Fair Value Measurement D) Changes Measurement E) Portion at Other than Fair Value Measurement |
| 4 | SubsequentEventTypeAxis | A) Subsequent Event |
We have observed that some filers have inappropriately added custom members to these axes.[]If the filers use the above standard axes in the GAAP Taxonomy, they should use allowed members for relevant axes where appropriate.[3]
For more information on axes in the GAAP Taxonomy, see https://www.fasb.org/jsp/FASB/Page/LandingPage?cid=1176164131053
[1] Represents an element representing one of the possibilities within an entire set of elements. For example, Maryland is a member within a set of all U.S. states.
[2] An instance document contains facts; an axis differentiates facts and each axis represents a way that the facts may be classified. For example, Revenue for a period might be reported along a business unit axis, a country axis, a product axis, and so forth.
[3] A filer must use a custom member if and only if an appropriate member does not exist in the allowed members for reasons other than or in addition to an inappropriate standard label.