Proposed taxonomy updates to the US GAAP financial reporting taxonomy are released throughout the year as changes to the FASB Accounting Standards occur. After the comment period for each proposed update, the updates are included in the Development Taxonomy. These updates will become part of a future annual update as determined by the compliance date for the relevant accounting standard update. The annual US GAAP financial reporting taxonomy, which is published in the last quarter of each calendar year, is a compilation of taxonomy updates released during the year. While each proposed update has a comment period, the annual GAAP Taxonomy has no public comment period for Accounting Standard Update changes.

Only annual compilations of the US GAAP financial reporting taxonomy that are specified on the SEC’s website may be used in SEC XBRL submissions. A public comment of the proposed US GAAP financial reporting taxonomy update does not indicate SEC approval of any potential regulatory changes related to the EDGAR Filer Manual. Please refer to the SEC’s EDGAR webpage for updated information on what changes the SEC approves related to the EDGAR Filer Manual.

Comments on this proposed taxonomy update and the related support materials should be submitted directly to the FASB. The review period will end on May 6, 2020. The SEC encourages filers, investors, analysts, software service providers, and other interested parties to participate in the public comment period to continue to improve the process for creating and using XBRL-structured financial statements.

Sources:

No Proposed Update to U.S. GAAP Financial Reporting Taxonomy for Revenue from Contracts with Customers and Leases: Effective Dates for Certain Entities (www.sec.gov)

Proposed Accounting Standards Update: Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842) (fasb.org)