FASB announced the availability of the 2018 GAAP Financial Reporting Taxonomy and the 2018 SEC Reporting Taxonomy (SRT). The SRT is new for 2018. Both taxonomies are pending final acceptance by the 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.
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