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.
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.