FASB releases 2018 U.S. GAAP and SEC taxonomies

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Dec 21, 2017

On December 21 2017, the Financial Accounting Standards Board (FASB) released the 2018 U.S. GAAP Financial Reporting Taxonomy and 2018 SEC Reporting Taxonomy (SRT).

The 2018 version of the U.S. GAAP taxonomy “contains updates for accounting standards and other improvements.” The 2018 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 2018.

As per the January issue of the XBRL Canada Newsletter, 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 press release, U.S. GAAP taxonomy page, and SRT taxonomy page on the FASB’s Web site.

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