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