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.

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