FASB Guidance on Implementation of Extensible Enumerations 2.0

The Financial Accounting Standards Board (FASB) staff has issued guidance on how to implement Extensible Enumerations (EE) 2.0 that is particularly relevant for service providers and eXtensible Business Reporting Language (XBRL) preparation software vendors. The FASB guidance discusses the required modifications to XBRL report creation software to properly support EE 2.0. Starting with the 2021 U.S. GAAP Financial Reporting and SEC Reporting (SRT) taxonomies, all of the taxonomies’ elements with the custom data type – extensibleListItemType – will be converted to the EE 2.0 data type.

The three primary requirements for proper instance document validation under EE 2.0 discussed in the FASB guidance are: (1) the fact value reported must have the proper URI-based notation; (2) the element(s) reported as a fact value must exist in a schema; and (3) the element(s) reported as a fact value must be present in the domain-member relationships defined in the taxonomies. EE 2.0 will also have updated data type schema requirements.