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September 13, 2018

FASB published proposed technical and other conforming improvements for the 2019 US GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy. The comment period taxonomies ends on October 13, 2018.

These release notes for the 2019 US GAAP Financial Reporting Taxonomy describe the proposed taxonomy technical and other conforming improvements to the 2018 Taxonomy that were made to address public comments; common reporting practices; projects designed to improve the utility of the Taxonomy; migration of certain elements from the Taxonomy to the SEC Reporting Taxonomy; elements related to prior Accounting Standards Updates that were retained for transition purposes; and recommendations from the industry resource groups. These improvements are designed to reduce inconsistencies in application and enhance the intended use of the elements, while minimizing the effect on instance documents prepared using prior versions of the Taxonomy and the effect on users and systems that consume these instance documents.

The proposed 2019 SEC Reporting Taxonomy contains elements moved from the 2018 Taxonomy, for elements in which the underlying recognition and measurement are not specified by GAAP and elements that are only referenced to SEC literature. The SEC Reporting Taxonomy elements whose underlying recognition and measurement are not specified by GAAP include dimensional elements such as "Scenario [Axis]” and its members "Forecast [Member]" and "Pro Forma [Member]." All of the elements in the SEC Taxonomy continue to be available for use by GAAP filers but will have a different namespace than in the 2018 Taxonomy.

 

Related Links

Comment Due Date: October 13, 2018

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

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