The Financial Accounting Standards Board announced the release of a number of reporting taxonomies for 2021 on Thursday.
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The 2021 GAAP taxonomy includes updates for accounting standards and other recommended improvements, while the SRT contains improvements for two U.S. Securities and Exchange Commission final rules and dimensional elements whose underlying recognition and measurement are not specified by GAAP but are commonly used by GAAP filers.
Both the GAAP taxonomy and the SRT need to be approved by the SEC; approval is expected in 2021.
The DQCRT includes XBRL US Data Quality Committee rules published by XBRL US as validation checks for XBRL filings with the SEC. The 2021 version includes three additional DQCRs, including DQCRs 0004, 0008, and 0048, bringing the total number of DQCRs included in the DQCRT to six.
