FASB Staff Issues Proposed Improvements for the 2022 U.S. GAAP Financial Reporting Taxonomy Reference Project and Proposed ASU on Interim Financial Disclosure Requirements

The Financial Accounting Standards Board (FASB) has issued proposed improvements to references for the 2022 U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and proposed improvements for Proposed Accounting Standards Update (ASU)—Interim Reporting (Topic 270): Disclosure Framework—Changes to Interim Disclosure Requirements. Proposed improvements to references include reference additions for elements that meet presentation and disclosure requirements from certain FASB Accounting Standards Codification paragraphs, and reference role additions to assist in understanding how elements relate to the reporting requirements. Proposed improvements related to the Proposed ASU on interim reporting disclosures include a transition element for ASU adoption, and various reference additions and deletions for the proposed changes to Topic 270.

The comment period for the proposed improvements to references ends on November 15, 2021. The comment period for the proposed improvements related to the Proposed ASU on interim reporting ends on January 31, 2022. The FASB is seeking feedback on whether users of the U.S. GAAP Financial Reporting Taxonomy agree with the proposed changes, and whether additional technical and other conforming changes are needed. Comments should be submitted directly to the FASB. The SEC staff encourages filers, investors, analysts, software service providers, and other interested parties to participate in this public review to continue to improve the process for creating and using XBRL-structured financial statements.

Only annual compilations of the U.S. GAAP Financial Reporting Taxonomy that are specified on the Commission’s website may be used in SEC eXtensible Business Reporting Language (XBRL) submissions. The availability for public comment of the proposed U.S. GAAP Financial Reporting Taxonomy improvements does not indicate Commission approval of any potential regulatory changes related to the Electronic Data Gathering, Analysis and Retrieval (EDGAR) Filer Manual. Please refer to the SEC’s EDGAR webpage at https://www.sec.gov/edgar/filer-information/current-edgar-filer-manual for updated information on when the Commission approves changes, if any, related to the EDGAR Filer Manual.