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2023 GAAP Financial Reporting Taxonomy is Now Available, FASB Says

The 2023 GAAP Financial Reporting Taxonomy is expected to be accepted as final by the SEC in early 2023.

The Financial Accounting Standards Board (FASB) on Dec. 16 announced the availability of the 2023 GAAP Financial Reporting Taxonomy (GRT) and the 2023 SEC Reporting Taxonomy (SRT)—collectively referred to as the GAAP Taxonomy.

The FASB also is making available the 2023 DQC Rules Taxonomy (DQCRT), which together with the GAAP Taxonomy are collectively referred to as the FASB Taxonomies.

The 2023 GRT contains updates for accounting standards and other recommended improvements, including those previously finalized in the proposed 2022 Q3 Supplemental GAAP Taxonomy for the Securities and Exchange Commission (SEC) Release Nos. 33-10771; 34-88606; IC-33836 related to business development companies that submit financial statement information using Inline eXtensible Business Reporting Language (XBRL).

The 2023 SRT contains improvements for SEC Staff Accounting Bulletin (SAB) No. 121 on obligations to safeguard crypto assets that an entity holds for platform users and modified documentation labels to identify the substance and intended application of the elements.

The 2023 DQCRT is uniquely structured from the typical design of XBRL taxonomies because it is narrowly focused on conveying the XBRL US Data Quality Committee’s (DQC) validation rules, predominantly for regulator use. It is not intended to be used in SEC filers’ extension taxonomies in the way that the GRT or the SEC’s Document and Entity Information Taxonomy (DEI) is used. The DQCRT contains a subset of the DQC rules. The FASB Taxonomy staff evaluates the validation rules for inclusion in the DQCRT that have been available for use for more than one year, with consideration for how the DQC addressed any feedback received on a validation rule.

The 2023 GRT and 2023 SRT are expected to be accepted as final by the SEC in early 2023. The FASB Taxonomies are available on the FASB’s Taxonomy (XBRL) pages and through the following links:

Questions about using the FASB Taxonomies and creating and submitting XBRL-tagged interactive data files in compliance with the SEC rules should be directed to the SEC. SEC details and guidance are available at the SEC’s Office of Structured Disclosure.