SEC Accepts 2018 GAAP Financial Reporting Taxonomy
Norwalk, CT, March 19, 2018—Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2018 GAAP Financial Reporting Taxonomy. The FASB also announced that the SEC has accepted the 2018 SEC Reporting Taxonomy (SRT), which is new this year.
The 2018 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements.
The 2018 SRT contains elements necessary to meet SEC requirements for
financial schedules required by the SEC, condensed consolidating
financial information for guarantors, and disclosures about oil- and
gas-producing activities. The SRT also includes dimensional elements
whose underlying recognition and measurement are not specified by GAAP
but are elements commonly used by GAAP filers.
The taxonomies are available on the FASB’s XBRL pages and through the following links: 2018 GAAP Financial Reporting Taxonomy, and 2018 SRT.
Questions about using the taxonomies and creating and submitting XBRL
tagged interactive data files in compliance with SEC rules should be
directed to the SEC. SEC contact details and guidance are
available at the SEC’s portal on XBRL.
Those interested in learning more about the 2018 GAAP Financial
Reporting Taxonomy and the 2018 SEC Reporting Taxonomy are
invited to participate in a live CPE webcast entitled IN FOCUS: 2018 GAAP and SEC Reporting Taxonomies Improvements, Including New Revenue Modeling, and SEC Update.
Offered free of charge, the webcast takes place on Tuesday, April 3,
2018, from 1:00 to 2:30 p.m. EDT. Participants in the live broadcast
will be eligible for up to 1.8 hours of CPE credit. (Please note that CPE credit is not available for group viewing of the live broadcast.) To register or to learn more about the webcast, log on to www.fasb.org.
Effective January 1, 2018, proposed Taxonomy improvements for proposed
Accounting Standards Updates (ASUs) will have a formal comment period
concurrent with the issuance of the proposed ASU. The past
practice of an annual 60-day comment period on the entire Taxonomy in
the September-October timeframe is hereafter replaced by comment periods
for the individual proposed Taxonomy improvements; however, the FASB
Taxonomy Online Review and Comment System (TORCS) is operational
throughout the year. All interested parties are encouraged to review and
comment on the Development Taxonomy.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector,
not-for-profit organization based in Norwalk, Connecticut, that
establishes financial accounting and reporting standards for public and
private companies and not-for-profit organizations that follow Generally
Accepted Accounting Principles (GAAP). The FASB is recognized by the
Securities and Exchange Commission as the designated accounting standard
setter for public companies. FASB standards are recognized as
authoritative by many other organizations, including state Boards of
Accountancy and the American Institute of CPAs (AICPA). The FASB
develops and issues financial accounting standards through a transparent
and inclusive process intended to promote financial reporting that
provides useful information to investors and others who use financial
reports. The Financial Accounting Foundation (FAF) supports and oversees
the FASB. For more information, visit www.fasb.org.