The Securities and Exchange Commission has accepted the 2018 GAAP Financial Reporting Taxonomy and the 2018 SEC Reporting Taxonomy, the Financial Accounting Standards Board said Monday.

Both taxonomies use Extensible Business Reporting Language, or XBRL, a data-tagging technology format that helps investors and financial analysts compare information across companies and industries.

The 2018 GAAP Financial Reporting Taxonomy includes updates for accounting standards and other improvements. The 2018 SEC Reporting Taxonomy has elements for meeting SEC requirements for financial schedules required by the SEC, along with condensed consolidating financial information for guarantors, and disclosures about oil- and gas-producing activities. The SRT also provides some dimensional elements whose underlying recognition and measurement aren't specified by GAAP but are generally used by GAAP filers.

The taxonomies are posted on FASB’s XBRL pages and at 2018 GAAP Financial Reporting Taxonomy, and 2018 SRT.

FASB is offering a free CPE webcast about the new 2018 GAAP Financial Reporting Taxonomy and the 2018 SEC Reporting Taxonomy called IN FOCUS: 2018 GAAP and SEC Reporting Taxonomies Improvements, Including New Revenue Modeling, and SEC Update. It will occur on Tuesday, April 3, 2018, from 1:00 to 2:30 p.m. EDT. Participants in the live broadcast will be eligible for up to 1.8 hours of CPE credit, although CPE credit wont be available for group viewing of the live broadcast. To register or learn more, click here.

The SEC can answer questions about the taxonomies via the SEC’s XBRL portal, where guidance is also available.

SEC building with official seal
Image: Bloomberg

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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.