FASB seeks input on new guide for Boolean, Fixed List, and Extensible Enumeration elements

Posted on November 3, 2024 by Editor

The Financial Accounting Standards Board (FASB) has published a proposed Taxonomy Implementation Guide focused on Boolean, Fixed List, and Extensible Enumeration elements in the 2024 GAAP Financial Reporting Taxonomy. This new guide is designed to help clarify when and how to use these specific element types, providing clear examples and use cases for each.

FASB is seeking public feedback on the guide until 20 December, encouraging input from all involved in financial reporting: filers, investors, analysts, software providers, and others. The Securities and Exchange Commission (SEC) also supports this open review, emphasising that insights from users are crucial to developing more effective tools for creating and managing XBRL-structured statements.

This guide aims to simplify the structured reporting of non-numeric data, like whether a company adopted a new accounting policy or chose a specific inventory cost method. By using Boolean, Fixed List, and Extensible Enumeration elements, the guide aims to make complex reporting requirements less of a guessing game.

For those interested, full details on the guide and instructions for submitting comments are available here.