SEC Accepts 2019 GAAP Reporting Taxonomy and SEC Reporting Taxonomy

By Regulatory News

March 12, 2019

Regulatory Reporting: EU, Financial Reporting and Accounting

FASB announced that SEC has accepted the 2019 U.S. GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy. For the 2019 taxonomy updates, some elements included in the 2018 GAAP Financial Reporting Taxonomy have been relocated to the 2019 SEC Reporting Taxonomy. The 2019 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements since the 2018 taxonomy, as used by issuers filing with SEC.

The 2019 SEC Reporting Taxonomy contains elements necessary to meet the SEC requirements for financial schedules, condensed consolidating financial information for guarantors, and disclosures about oil- and gas-producing activities. The SEC Reporting Taxonomy also includes dimensional elements whose underlying recognition and measurement are not specified by GAAP, but are elements commonly used by GAAP filers. FASB specifies that questions about using the taxonomies and creating and submitting the XBRL tagged interactive data files in compliance with SEC rules should be directed to SEC.

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Keywords: Americas, US, Accounting, Reporting, Taxonomy, GAAP Taxonomy, SEC Reporting Taxonomy, FASB, SEC

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