Proposed 2018 GAAP Financial Reporting Taxonomy and Shared Reporting Taxonomy Available for Public Review and Comment
Norwalk, CT, September 5, 2017—The Financial Accounting Standards Board (FASB) has released the proposed 2018 GAAP Financial Reporting Taxonomy for public review and comment. The Board also issued, new for 2018, the proposed 2018 Shared Reporting Taxonomy (SRT). The deadline to submit written comments for both documents is October 31, 2017.
The proposed 2018 GAAP Financial Reporting Taxonomy contains updates for
accounting standards and other recommended improvements.
The proposed 2018 SRT contains elements of the GAAP Financial Reporting
Taxonomy needed by International Financial Reporting Standards (IFRS)
filers for U.S. Securities and Exchange Commission-specific disclosure
requirements. This will eliminate the need for these filers to import
the GAAP Financial Reporting Taxonomy.
The Taxonomies are used by public issuers registered with the SEC. The
60-day comment period is intended to allow users to provide feedback on
these updates. They are also intended to afford SEC filers, service
providers, software vendors, and other interested parties the
opportunity to become familiar with and suggest revisions to the
Taxonomies, including incorporating new elements for current filings.
Those interested in learning more about the proposed 2018 GAAP Financial
Reporting Taxonomy are invited to participate in a live CPE webinar
called IN FOCUS: 2018 GAAP Financial Reporting Taxonomy/Shared Reporting Taxonomy Proposed Improvements and SEC Update.
Offered free of charge, the webinar takes place on Tuesday, October 3,
2017, from 1 p.m. to 2:30 p.m. Eastern Daylight Time. 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.
The Taxonomies are expected to be accepted as final by the SEC in early 2018.
The proposed Taxonomies and instructions on how to submit comments are
available on the FASB’s XBRL page and through the following links:
Questions about using the Taxonomies for 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.
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.