FASB released the proposed 2018 Generally Accepted Accounting Principles (GAAP) Financial Reporting Taxonomy and the proposed 2018 Shared Reporting Taxonomy (SRT) for public review and comment. The deadline to submit written comments for both documents is October 31, 2017. The taxonomies are expected to be accepted as final by the SEC in early 2018.
The proposed 2018 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements since the 2017 Taxonomy, as used by issuers filing with the SEC. The proposed 2018 SRT contains elements of the GAAP Financial Reporting Taxonomy needed by International Financial Reporting Standards (IFRS) filers for SEC-specific disclosure requirements; it will eliminate the need for these filers to import the GAAP Financial Reporting Taxonomy. The proposed 2018 SRT contains elements 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 that have broad applicability to financial reporting requirements.
Comment Due Date: October 31, 2017
Keywords: Americas, United States of America, Accounting, GAAP, Taxonomy, SRT, SEC, Reporting, FASB
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