The Financial Accounting Standards Board proposed a 2018 GAAP Financial Reporting Taxonomy and, for IFRS filers, a Shared Reporting Taxonomy on Tuesday, asking for public comments on the files.

The proposed 2018 GAAP Financial Reporting Taxonomy includes updates for the latest accounting standards and other recommended improvements. The proposed 2018 Shared Reporting Taxonomy contains elements of the GAAP Financial Reporting Taxonomy needed by International Financial Reporting Standards filers so they can meet the specific disclosure requirements of the U.S. Securities and Exchange Commission, eliminating the need for them to import the GAAP Financial Reporting Taxonomy.

Both taxonomies use Extensible Business Reporting Language, or XBRL, technology to allow data tagging of the various fields so financial information can be more easily compared across companies and industries. FASB is asking for written comments on both taxonomies by Oct. 31, 2017.

FASB is hosting a live CPE webinar on the taxonomies on Tuesday, Oct. 3, 2017, from 1 p.m. to 2:30 p.m. ET. Participants in the live broadcast will be eligible for up to 1.8 hours of CPE credit, although CPE credit isn’t available for group viewing of the live broadcast. For more information, click here.

The taxonomies are expected to be accepted as final by the SEC in early 2018.

FASB, GASB and FAF logos on the wall at headquarters in Norwalk, Connecticut
Courtesy of GASB

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Michael Cohn

Michael Cohn

Michael Cohn, editor-in-chief of AccountingToday.com, has been covering business and technology for a variety of publications since 1985.