SEC Accepts 2019 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
Norwalk, CT, March 12, 2019—The
Financial Accounting Standards Board (FASB) today announced that the
U.S. Securities and Exchange Commission (SEC) has accepted the 2019 GAAP Financial Reporting Taxonomy. The Board also announced that the SEC has accepted the 2019 SEC Reporting Taxonomy (SRT).
The 2019 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements.
For the 2019 Taxonomy Updates, some elements included in the 2018 GAAP
Financial Reporting Taxonomy have been relocated to the 2019 SRT. The
SRT elements from the 2018 Taxonomy correspond to the SEC’s
authoritative literature in which the underlying recognition and
measurement are not specified by GAAP.
The Taxonomies and their related release notes are available on the FASB’s XBRL pages and through the following links: 2019 GAAP Financial Reporting Taxonomy, and 2019 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 2019 GAAP Financial
Reporting Taxonomy and the 2019 SEC Reporting Taxonomy are invited to
participate in a live CPE webcast entitled IN FOCUS: 2019 GAAP and SEC Reporting Taxonomy Improvements and SEC Update.
Offered free of charge, the webcast takes place on Thursday, April 4,
2019, from 1:00 to 2:15 p.m. Eastern Daylight Time. Participants in the
live broadcast will be eligible for up to 1.5 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.
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.