FASB Taxonomy Updates

Posted on September 28, 2018 by Editor

The Financial Accounting Foundation (FAF) and the Financial Accounting Standards Board (FASB) have issued release notes describing the proposed technical improvements to the 2018 US GAAP Financial Reporting Taxonomy.

The release notes address technical improvements to the 2018 taxonomy based on public comments, common reporting practices, improving utility, reducing inconsistencies and enhancing the intended uses for elements and recommendations from industry groups.

Comments and thoughts are actively sought, with respondents particularly invited to answer the following questions:

1. Do you agree with the proposed technical and other conforming improvements for the 2019 US GAAP Financial Reporting Taxonomy? If not, what do you not agree with?
2.  Are there additional technical and other conforming improvements needed for the 2019 US GAAP Financial Reporting Taxonomy? If yes, what are those changes?

The release notes can be viewed here.