FASB on Friday launched its annual GAAP Taxonomy, which incorporates the 2023 GAAP Monetary Reporting Taxonomy (GRT) and the 2023 SEC Reporting Taxonomy (SRT).
The 2023 GRT and 2023 SRT are anticipated to be permitted as ultimate by way of the SEC in early 2023.
The 2023 GRT incorporates updates for accounting requirements and different enhancements because the issuance of the 2022 Taxonomy as utilized by issuers submitting with the SEC. In keeping with a FASB information free up, the 2023 SRT contains adjustments to SEC Workforce Accounting Bulletin No. 121 on tasks to safeguard cryptoassets that an entity holds for platform customers.
FASB additionally made to be had FASB Taxonomies, which is composed of the GAAP Taxonomy and the 2023 DQC Laws Taxonomy (DQCRT).
The DQCRT is uniquely structured from the everyday design of XBRL taxonomies, in step with FASB, as a result of it’s narrowly desirous about conveying the DQC validation regulations, predominantly for regulators’ use. It isn’t supposed for use in SEC filers’ extension taxonomies the best way that the GRT or the SEC’s File and Entity Knowledge (DEI) Taxonomy is used.
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Supply Via https://www.journalofaccountancy.com/information/2022/dec/fasb-releases-gaap-taxonomy-reports.html
