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Sunday, November 03. 2024

FASB Proposes Taxonomy Implementation Guide for Boolean, Fixed List, and Extensible Enumeration Elements, Seeks Comment

On October 28th, The Financial Accounting Standards Board (FASB) released the proposed Taxonomy Implementation Guide, Boolean, Fixed List, and Extensible Enumeration Elements, which is based on the 2024 GAAP Financial Reporting Taxonomy. The proposed guide is intended to help issuers know when and how to use the Boolean, Fixed List, and Extensible Enumerations elements. The publication also gives an overview of appropriate use cases for these element types. Continue reading "FASB Proposes Taxonomy Implementation Guide for..." »

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in FASB News, US GAAP Taxonomy at 17:16

Wednesday, October 30. 2024

FASB Proposes Improvements for the 2025 GAAP Employee Benefit Plan Taxonomy Included in the 2025 GAAP Financial Reporting Taxonomy, Solicits Comment

On October 28th, the Financial Accounting Standards Board (FASB) released proposed improvements for the 2025 US Generally Accepted Accounting Principles (GAAP) Employee Benefit Plan (EBP) taxonomy included in the 2025 GAAP Financial Reporting Taxonomy and the related release notes for public review and comment. The accompanying release notes detail the proposed technical and other conforming improvements for the 2025 EBP taxonomy. Continue reading "FASB Proposes Improvements for the 2025 GAAP..." »

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in FASB News, SEC, US GAAP Taxonomy, XBRL at 11:37

Saturday, October 12. 2024

FASB Publishes Proposed Improvements for 2025 US GAAP Taxonomy

Recently the Financial Accounting Standards Board (FASB) staff has issued proposed technical and other conforming improvements for the 2025 US Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the related release notes for public review and comment.

Continue reading "FASB Publishes Proposed Improvements for 2025..." »

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in Accounting, FASB News, US GAAP Taxonomy, XBRL at 11:22

Thursday, August 08. 2024

FASB Re-Exposes Proposed GAAP Taxonomy Improvements Regarding Disaggregation of Income Statement Expenses for Public Comment

The Financial Accounting Standards Board (FASB) has re-exposed for public comment proposed GAAP Taxonomy Improvements for a proposed Accounting Standards Update, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The update is intended to enhance disclosures related to a public business entity’s expenses. The update is designed also to address the requests of investors for more comprehensive data about the types of expenses in commonly presented expense captions. Continue reading "FASB Re-Exposes Proposed GAAP Taxonomy..." »

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in Accounting, FASB News, US GAAP Taxonomy, XBRL at 10:36

Wednesday, August 07. 2024

XBRL US Launches Public Review for Version 25 of DQC Rules, Solicits Feedback

The XBRL US Center for Data Quality has opened the Version 25 public exposure period for review and comment, which concludes on September 9, 2024. This version includes automated checks and rule updates for filers using the US GAAP and IFRS taxonomies from July 23, 2024, through September 9, 2024. Continue reading "XBRL US Launches Public Review for Version 25..." »

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in Data Quality Committee, IFRS Taxonomy, US GAAP Taxonomy at 09:55

Tuesday, August 06. 2024

FASB Publishes Proposed Taxonomy Implementation Guide for Income Taxes

On August 2nd, the Financial Accounting Standards Board (FASB) released a proposed Taxonomy Implementation Guide, Income Taxes (Topic 740), which is based on the 2024 GAAP Financial Reporting Taxonomy (GRT). The proposed guide is designed to illustrate how income taxes are reported under FASB Accounting Standards Codification Topic 740. Note that it focuses only on detail tagging (Level 4). Continue reading "FASB Publishes Proposed Taxonomy Implementation..." »

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in Accounting, FASB News, US GAAP Taxonomy at 09:52

Thursday, August 01. 2024

FASB Publishes Proposed GAAP Taxonomy Enhancements for a Proposed ASU Update, Solicits Comment

The Financial Accounting Standards Board (FASB) has released proposed GAAP Taxonomy Improvements for the proposed Accounting Standards Update (ASU), Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for a Share-Based Payment from a Customer in a Revenue Contract. Continue reading "FASB Publishes Proposed GAAP Taxonomy..." »

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in Accounting, FASB News, US GAAP Taxonomy at 17:44

Monday, July 08. 2024

SEC Issues EDGAR 24.2 Release XBRL Taxonomies Update

On July 1, 2024, the EDGAR system was upgraded to Release 24.2, which now accepts the Security-Based Swap (SBS) taxonomy and supports the 2024 version of the International Financial Reporting Standards (IFRS) taxonomy. Continue reading "SEC Issues EDGAR 24.2 Release XBRL Taxonomies..." »

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in EDGAR News, GoFiler Updates, IASB News, IFRS Taxonomy, SEC, US GAAP Taxonomy, XBRL at 17:43

Friday, June 28. 2024

SEC Publishes Trend Analysis of Custom Tag Rates in XBRL Financial Data Submitted from 2021 to 2023

On June 28th, the SEC’s Division of Economic and Risk Analysis (DERA) released a report analyzing the way filers use custom tags in their eXtensible Business Reporting Language (XBRL) submissions from 2021 to 2023. The average custom tag rate for filings in 2023 decreased compared to 2022 for Forms 10-K and 10-K/A across all filer status except the accelerated filer category. Continue reading "SEC Publishes Trend Analysis of Custom Tag..." »

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in DERA, SEC, US GAAP Taxonomy, XBRL at 13:17

Friday, May 31. 2024

SEC Provides Guidance Related to Incorrect Tagging for Earnings Per Share Data

On Thursday, May 30th, the SEC reminded issuers that, under US Generally Accepted Accounting Principles (GAAP), certain entities must provide basic and diluted earnings per share (EPS) with equal prominence on the face of the income statement for each period presented in their annual and interim reports. For filings in which basic and diluted EPS have the same value and are presented only once on the face of the income statement, an entity should tag that amount twice using both tags. Continue reading "SEC Provides Guidance Related to Incorrect..." »

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in DERA, SEC, SEC Filing Help, US GAAP Taxonomy at 15:53

Tuesday, March 19. 2024

SEC Issues 2024 XBRL Taxonomies Update

On March 18, 2024, the SEC upgraded the EDGAR system to Release 24.1. The system now supports the 2024 XBRL reporting taxonomies. The SEC does not anticipate the removal of the 2022 versions of any taxonomies to occur before June 2024. Continue reading "SEC Issues 2024 XBRL Taxonomies Update" »

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in EDGAR News, FASB News, GoFiler Updates, IFRS Taxonomy, Novaworks News, SEC, US GAAP Taxonomy, XBRL at 13:47

Tuesday, March 12. 2024

SEC Staff Reviews Cash Flow Statement Data Element Presentation

The SEC announced that its Division of Economic and Risk Analysis (DERA) reviewed certain Forms 10-Q and Forms 10-K filed in 2023 to determine whether filers’ cash flow statement data element presentation structure (such as parent and descendant relationship) is organized correctly. Cash flow statement presentation structure includes three parents: Net Cash Provided by or Used in the Operating Activities Abstract, Financing Activities Abstract, and Investing Activities Abstract. Continue reading "SEC Staff Reviews Cash Flow Statement Data..." »

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in DERA, SEC, US GAAP Taxonomy at 13:36

Wednesday, January 31. 2024

FASB Releases Proposed Taxonomy Implementation Guides for 2024 US GAAP Financial Reporting Taxonomy

On January 26th, the Financial Accounting Standards Board (FASB) released two proposed Taxonomy Implementation Guides based on the 2024 US GAAP Financial Reporting Taxonomy, which is currently under consideration by the SEC. These guides focus on the XBRL modeling for the reporting of leases and reporting by investment companies. Continue reading "FASB Releases Proposed Taxonomy Implementation..." »

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in FASB News, SEC Filing Help, US GAAP Taxonomy, XBRL at 10:40

Wednesday, January 03. 2024

FASB Publishes Proposed Updates for US GAAP Financial Reporting Taxonomy Related to Debt with Conversion and Other Options

Last month the FASB released proposed updates to the US GAAP Financial Reporting Taxonomy (GRT) related to a proposed Accounting Standards Update (ASU) on Debt with Conversion and Other Options. Updates to the proposed taxonomy will include new elements and reference modifications. The proposed updates to the GRT are just some of several updates released throughout the year as proposed ASUs are issued. The GRT, which includes all of these taxonomy updates, is published in the last quarter of each calendar year. Continue reading "FASB Publishes Proposed Updates for US GAAP..." »

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in EDGAR News, FASB News, SEC, US GAAP Taxonomy, XBRL at 15:39

Wednesday, November 15. 2023

FASB Issues Improvements for 2024 US GAAP Reference Project

On November 2nd, the Financial Accounting Standards Board (FASB) staff released for public comment proposed improvements for references in the 2024 US GAAP Financial Reporting Taxonomy and the related release notes. As part of the FASB staff’s ongoing efforts to review the taxonomy references for further improvement, the proposed improvements would, among other things, add references to sections 45, 50, and S99 of certain accounting topics in the FASB’s Accounting Standards Codification. Continue reading "FASB Issues Improvements for 2024 US GAAP..." »

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in FASB News, SEC, US GAAP Taxonomy at 14:01

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