On Oct. 28, SEC reported FASB taxonomy on use of Boolean elements.
SEC reported FASB proposed Taxonomy Implementation Guide, Boolean, Fixed List, and Extensible Enumeration Elements, on 2024 GAAP Financial Reporting Taxonomy.
Describes when and how to use Boolean, fixed list, extensible enumerations elements.
Proposed Updates
Described when and how to use Boolean, fixed list, and extensible enumerations elements and illustrated appropriate use cases for each of these element types.
Target audience is party responsible for tagging financial statements in SEC extensible business reporting language (XBRL) filing; elements streamline process for data users.
While nonnumeric data in notes to financial statements are tagged with text blocks, it is beneficial to users to be able to identify certain disclosed information more precisely.
Ensuring the data can be consumable in a structured format; benefits include improved data quality, efficiency, scalability, simplicity, and accessibility.
Consultation
Comments on proposed taxonomy implementation guide due by Dec. 20, 2024.