NORWALK, Conn.--(BUSINESS WIRE)--The Financial Accounting Standards Board (FASB) has released the proposed 2018 GAAP Financial Reporting Taxonomy for public review and comment. The Board also issued, new for 2018, the proposed 2018 Shared Reporting Taxonomy (SRT). The deadline to submit written comments for both documents is October 31, 2017.
The proposed 2018 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements.
The proposed 2018 SRT contains elements of the GAAP Financial Reporting Taxonomy needed by International Financial Reporting Standards (IFRS) filers for U.S. Securities and Exchange Commission-specific disclosure requirements. This will eliminate the need for these filers to import the GAAP Financial Reporting Taxonomy.
The Taxonomies are used by public issuers registered with the SEC. The 60-day comment period is intended to allow users to provide feedback on these updates. They are also intended to afford SEC filers, service providers, software vendors, and other interested parties the opportunity to become familiar with and suggest revisions to the Taxonomies, including incorporating new elements for current filings.
Those interested in learning more about the proposed 2018 GAAP Financial Reporting Taxonomy are invited to participate in a live CPE webinar called IN FOCUS: 2018 GAAP Financial Reporting Taxonomy/Shared Reporting Taxonomy Proposed Improvements and SEC Update. Offered free of charge, the webinar takes place on Tuesday, October 3, 2017, from 1 p.m. to 2:30 p.m. Eastern Daylight Time. 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.
The Taxonomies are expected to be accepted as final by the SEC in early 2018.
The proposed Taxonomies and instructions on how to submit comments are available on the FASB’s XBRL page and through the following links:
Questions about using the Taxonomies for 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 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.