The Financial Accounting Standards Board recently released its annual Generally Accepted Accounting Principles (GAAP) Taxonomy. The taxonomy includes the 2023 GAAP Financial Reporting Taxonomy (GRT) and the 2023 SEC Reporting Taxonomy (SRT). The U.S. Securities and Exchange Commission (SEC) is expected to accept the 2023 GRT and the SRT taxonomies as final 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. The 2023 SRT includes changes to SEC Staff Accounting Bulletin No. 121 on obligations to safeguard crypto assets that an entity holds for platform users.
FASB also made available FASB Taxonomies, which consist of the GAAP Taxonomy and the 2023 DQC Rules Taxonomy (DQCRT). The DQCRT is uniquely structured from the typical design of XBRL taxonomies. However, it is not to be used in SEC filers' extension taxonomies like the GRT or the SEC's Document, and Entity Information (DEI) Taxonomy is used.
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