Announcement

FASB Issues Proposed Changes for 2021 SEC Reporting Taxonomy

Sept. 15, 2020

The Financial Accounting Standards Board (FASB) staff has issued proposed technical and other conforming improvements for the 2021 SEC Reporting Taxonomy (SRT) and the related release notes for public comment. These proposed improvements include changes to standard labels and documentation labels. They also include new elements and reference modifications related to SEC Release No. 33-10762[1] and modification of an element with a data type change resulting from the finalization of the Extensible Enumerations specification (EE 2.0) by the eXtensible Business Reporting Language (XBRL) International Standards Board.

The comment period for the proposed improvements ends on November 2, 2020.

The FASB is seeking feedback on whether users of the SRT agree with the proposed technical and other conforming improvements for the 2021 SRT and whether additional technical and other conforming improvements are needed.

Comments should be submitted directly to the FASB. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.

[1] See Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities, Release No. 33-10762 (Mar. 2, 2020), 85 FR 21940 (Apr. 20, 2020).

Last Reviewed or Updated: Sept. 15, 2020