FASB posts 2018 GAAP and SEC taxonomies
The Financial Accounting Standards Board has made available the 2018 GAAP Financial Reporting Taxonomy along with the 2018 SEC Reporting Taxonomy, pending final acceptance by the Securities and Exchange Commission.
Both taxonomies use Extended Business Reporting Language, or XBRL, a technology with interactive data-tagged fields that the SEC now mandates financial filers to use.
The 2018 GAAP Financial Reporting Taxonomy includes some updates for new accounting standards and other improvements. The 2018 SEC Reporting Taxonomy provides condensed consolidating financial information for guarantors, disclosures about oil- and gas- production and other necessary components for meeting SEC requirements.
FASB anticipates both taxonomies will be accepted as final by the SEC early next year.