SEC Accepts 2019 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
The Financial Accounting Standards Board (FASB) recently announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2019 GAAP Financial Reporting Taxonomy. The Board also announced that the SEC has accepted the 2019 SEC Reporting Taxonomy (SRT).
The 2019 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements.
For the 2019 Taxonomy Updates, some elements included in the 2018 GAAP Financial Reporting Taxonomy have been relocated to the 2019 SRT. The SRT elements from the 2018 Taxonomy correspond to the SEC’s authoritative literature in which the underlying recognition and measurement are not specified by GAAP.
Questions about using the Taxonomies and creating and submitting XBRL tagged interactive data files in compliance with SEC rules should be directed to the SEC. SEC contact details and guidance are available at the SEC’s portal on XBRL.
Those interested in learning more about the 2019 GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy are invited to participate in a free live CPE webcast, “IN FOCUS: 2019 GAAP and SEC Reporting Taxonomy Improvements and SEC Update,” on Thursday, April 4 from 1-2:15 p.m. Eastern Daylight Time. Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit. (Please note that CPE credit is not available for group viewing of the live broadcast.) To register or learn more about the webcast, visit FASB’s website.