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FASB’s Proposed Taxonomy Implementation Guide for Extensible Lists

July 30, 2020

The Financial Accounting Standards Board (FASB) has published a Proposed Taxonomy Implementation Guide, Extensible Lists: A Guide for Preparers (Guide) which explains an eXtensible Business Reporting Language (XBRL) design feature known as extensible lists. Extensible lists allow the definition of concepts from a predefined list of values. Filers could use them to communicate information using base or extension taxonomy elements as facts.

The Guide, which is primarily directed towards any party responsible for information in an SEC XBRL filing, provides information to users of the U.S. GAAP Financial Reporting Taxonomy on the purpose of the extensible lists feature, its intended uses, and the modeling of disclosure requirements while using the feature.

The FASB is seeking feedback on whether the Guide is useful, whether users agree with the definitions for the glossary terms, and whether users agree with the examples provided in the Guide to explain when to use dimensions and when to use extensible lists. The public comment period for the Guide will end on September 21, 2020.

Comments on the Guide 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.

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