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SEC approves the 2017 U.S. GAAP Financial Reporting Taxonomy

  • SEC (US Securities and Exchange Commission) Image

Mar 10, 2017

The FASB has announced that the SEC has approved the 2017 U.S. GAAP Financial Reporting Taxonomy and has updated its EDGAR system to support the new version.

The 2017 tax­on­omy re­flects ac­count­ing stan­dards issued during the past year as well as other cor­rec­tions and im­prove­ments to the 2016 tax­on­omy. In ad­di­tion, the FASB’s tax­on­omy staff has issued 2016 XBRL im­ple­men­ta­tion guides on the fol­low­ing topics:

  • Dis­posal groups and dis­con­tin­ued op­er­a­tions.
  • In­sur­ance: con­cen­tra­tion of credit risk dis­clo­sures.
  • Liq­ui­da­tion basis of ac­count­ing.
  • Leases under ASC 842.
  • Mea­sure­ment-date prac­ti­cal ex­pe­di­ent for defined benefit plans.
  • No­tional amount dis­clo­sures.
  • Other com­pre­hen­sive income.
  • Re­pur­chase-to-ma­tu­rity trans­ac­tions and re­pur­chase fi­nanc­ings.
  • Retirement benefits — phase 1.
  • Revenue from contracts with customers.
  • Segment reporting.
  • Short-du­ra­tion in­sur­ance con­tracts.
  • Sub­se­quent events.

For more in­for­ma­tion, see the press release on the FASB’s Web site.

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