Dive Brief:

• The Securities and Exchange Commission has accepted updates to the Financial Accounting Standards Board's GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy, FASB has announced. 
• Each year, FASB updates and provides the SEC the taxonomies, which companies use in their financial reporting. 
• The taxonomies use the SEC's required Extensible Business Reporting Language (XBRL) data-tagging format. 

Dive Insight:

The updated taxonomies and their related release notes are available online, FASB said, at 2021 GRT, for the 2021 GAAP Financial Reporting Taxonomy, and 2021 SRT, for the 2021 SEC Reporting Taxonomy.

Questions about their use and creating and submitting XBRL-tagged interactive data files in compliance with SEC rules should be directed to the SEC, at the SEC’s XBRL portal.

FASB is hosting a live webcast on the updates for staff who prepare their companies' financial reports. The webcast is Tuesday, April 6, 1-2 p.m., ET. Attendees can earn 1.8 hours of CPE credit. Registration link.

FASB also finalized its 2021 DQC Rules Taxonomy, which concern the quality of XBRL data validation rules. More on that.