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FASB releases GAAP Taxonomy reports

December 17, 2022

FASB on Friday released its annual GAAP Taxonomy, which includes the 2023 GAAP Financial Reporting Taxonomy (GRT) and the 2023 SEC Reporting Taxonomy (SRT).

The 2023 GRT and 2023 SRT are expected to be accepted as final by the SEC in early 2023.

The 2023 GRT contains updates for accounting standards and other improvements since the issuance of the 2022 Taxonomy as used by issuers filing with the SEC. According to a FASB news release, the 2023 SRT includes changes to SEC Staff Accounting Bulletin No. 121 on obligations to safeguard cryptoassets that an entity holds for platform users.

FASB also made available FASB Taxonomies, which consists of the GAAP Taxonomy and the 2023 DQC Rules Taxonomy (DQCRT).

The DQCRT is uniquely structured from the typical design of XBRL taxonomies, according to FASB, because it is narrowly focused on conveying the DQC validation rules, predominantly for regulators' use. It is not intended to be used in SEC filers' extension taxonomies the way that the GRT or the SEC's Document and Entity Information (DEI) Taxonomy is used.

[Journal of Accountancy]

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