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FASB Staff Issues Proposed Changes for 2022 US GAAP Financial Reporting Taxonomy

Oct. 14, 2021

The Financial Accounting Standards Board (FASB) has issued proposed technical and other conforming changes for the 2022 U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the related release notes for public comment. These proposed changes include element additions for various accounting topics, and element deprecations for superseded accounting guidance and for improved consistency and structure for the topical projects and other reviews. Standard and documentation labels were modified to clarify elements and improve appropriate usage, and references were modified to assist with element selection.

The FASB is seeking feedback on whether users of the U.S. GAAP Financial Reporting Taxonomy agree with the proposed technical and other conforming changes, and whether additional technical and other conforming changes are needed. The comment period for the proposed changes ends on November 1, 2021. 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.

Only annual compilations of the U.S. GAAP Financial Reporting Taxonomy that are specified on the Commission’s website may be used in SEC eXtensible Business Reporting Language (XBRL) submissions. The availability for public comment of the proposed U.S. GAAP Financial Reporting Taxonomy update does not indicate Commission approval of any potential regulatory changes related to the Electronic Data Gathering, Analysis and Retrieval (EDGAR) Filer Manual. Please refer to the SEC’s EDGAR webpage at https://www.sec.gov/edgar/filer-information/current-edgar-filer-manual for updated information on when the Commission approves changes, if any, related to the EDGAR Filer Manual.

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