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FASB releases proposed 2018 financial reporting taxonomy and shared reporting taxonomy for public comment

  • FASB (US Financial Accounting Standards Board) Image

Sep 06, 2017

The FASB has released for public comment its proposed 2018 U.S. GAAP financial reporting taxonomy and proposed 2018 shared reporting taxonomy.

The 2018 U.S. GAAP financial reporting taxonomy “con­tains updates for ac­count­ing stan­dards and other rec­om­mended im­prove­ments,” while the 2018 shared reporting taxonomy “contains elements of the GAAP Financial Reporting Taxonomy needed by International Financial Reporting Standards (IFRS) filers for U.S. Securities and Exchange Commission-specific disclosure requirements.”

Com­ments on the pro­posed tax­on­omies are due by October 31, 2017. The SEC is expected to approve the taxonomies in early 2018.

For more in­for­ma­tion, see the press release, pro­posed 2018 U.S. GAAP financial reporting tax­on­omy, and proposed 2018 shared reporting taxonomy on the FASB’s Web site. The FASB is also holding a webcast on October 3, 2017, to discuss tax­on­omy-re­lated issues.

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