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SEC Proposed 2018 Reporting Taxonomy

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Nov 08, 2017

On November 8, 2017, the Securities and Exchange Commission (SEC) announced its preliminary 2018 reporting taxonomy following a formal public review of the proposal.

The 2018 SEC Reporting Taxonomy (SRT) moves a range of elements from the GAAP Financial Reporting Taxonomy into a new taxonomy that can be used for companies reporting under both IFRS and US GAAP. 

The broad categories addressed in the SRT include:

  • The oil and gas industry
  • Financial schedules
  • Condensed consolidating financial information for guarantors
  • Country code elements
  • Common axis/domain used while reporting financials in US-GAAP.

The introduction of the SRT taxonomy eliminates the need for foreign private issuers (FPIs) using the IFRS taxonomy to import the US-GAAP Financial Reporting Taxonomy. This simplifies what would otherwise be a complex process.

Review the announcement on the SEC's website and the taxonomy on the FASB's website.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.