The Financial Accounting Standards Board (FASB) has issued proposed technical and other conforming changes for the
2022 U.S. Generally Accepted Accounting Principles (GAAP) Financial Reporting
Taxonomy and the related release notes for public comment. These proposed
changes include element additions for various accounting topics, and element
deprecations for superseded accounting guidance and for improved consistency
and structure for the topical projects and other reviews. Standard and
documentation labels were modified to clarify elements and improve appropriate
usage, and references were modified to assist with element selection. The FASB
is seeking feedback on whether users of the U.S. GAAP Financial Reporting
Taxonomy agree with the proposed technical and other conforming changes, and
whether additional technical and other conforming changes are needed. The
comment period for the proposed changes ends on November 1, 2021. 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.
