SEC accepts 2018 financial reporting taxonomy

Written on Mar 27, 2018

FASB has announced that the 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, 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 April 3 from 1pm to 2:30pm EDT. Participants in the live broadcast will be eligible for up to 1.8 hours of CPE credit. (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.

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