FASB Proposes GAAP Financial Reporting and Shared Reporting Taxonomy
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.
Related Links
Proposed 2018 GAAP Financial Reporting Taxonomy
Comment Due Date: October 31, 2017
Keywords: Americas, United States of America, Accounting, GAAP, Taxonomy, SRT, SEC, Reporting, FASB
Featured Experts
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Salman Siddiqui
ESG and climate expert for P&C insurance; IFRS 17 specialist and chartered accountant; extensive experience in both life and non-life insurance, with focus on capital management, financial performance, and financial reporting.
Related Articles
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
BIS Bulletin Examines Cognitive Limits of Large Language Models
The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.
ECB is Conducting First Cyber Risk Stress Test for Banks
As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.
EBA Continues Momentum Toward Strengthening Prudential Rules for Banks
A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.
EU and UK Agencies Issue Updates on Final Basel III Rules
The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards