SEC accepts 2018 Taxonomies
The US securities regulator has now officially accepted both the 2018 GAAP Financial Reporting Taxonomy and the newly created 2018 SEC Reporting Taxonomy (SRT) following the January release of the taxonomies to the SEC for review.
The 2018 GAAP Financial Reporting Taxonomy contains updates incorporating accounting standards issued during the last year as well as other corrections and improvements to the 2017 taxonomy. The 2018 SRT contains elements necessary to meet requirements for financial schedules mandated by the SEC, condensed consolidating financial information for guarantors, and disclosures about oil and gas producing activities. The modularisation also assists with Foreign Private Issuer filings that file IFRS financial statements to the US EDGAR system in XBRL format.
The taxonomies are available from the FASB’s XBRL pages: 2018 US GAAP Financial Reporting Taxonomy and 2018 SRT.
Staff from the FASB and SEC will provide a range of details about the new taxonomies at a free webinar on Tuesday, 3 April, 2018, from 1:00 to 2:30 p.m. EDT. Register for the event here.
The FASB announcement on the taxonomy updates is here.
