News Release 12/21/17
2018 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy Now Available
Norwalk, CT, December 21, 2017—The Financial Accounting Standards Board (FASB) today announced the availability of the 2018 GAAP Financial Reporting Taxonomy. The Board also announced the availability of the 2018 SEC Reporting Taxonomy (SRT). The SRT is new for 2018. Both taxonomies are pending final acceptance by the U.S. Securities and Exchange Commission (SEC).
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.
The 2018 Taxonomies are expected to be accepted as final by the SEC in early 2018.
The Taxonomies are available on the FASB’s XBRL pages and through the following links: 2018 GAAP Financial Reporting Taxonomy, and 2018 SRT.
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.
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.