FASB releases 2019 U.S. GAAP and SEC taxonomies

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Dec 18, 2018

On December 18, 2018, the Financial Accounting Standards Board (FASB) released the 2019 U.S. GAAP Financial Reporting Taxonomy and 2019 SEC Reporting Taxonomy.

The 2019 version of the U.S. GAAP taxonomy “contains updates for accounting standards and other recommended improvements.” The 2019 SEC taxonomy “contains elements necessary 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.”

Both taxonomies are subject to final SEC approval, which is expected to be granted in early 2019.

Review the press release, U.S. GAAP taxonomy page, and SEC taxonomy page on the FASB’s website.

Correction list for hyphenation

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