SEC OKs 2019 GAAP reporting taxonomy

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The Securities and Exchange Commission has approved the Financial Accounting Standards Board’s 2019 GAAP Financial Reporting Taxonomy, along with the 2019 SEC Reporting Taxonomy, FASB said Tuesday.

The 2019 GAAP Financial Reporting Taxonomy includes updates for accounting standards and other recommended improvements, using a data-tagging format that relies on Extensible Business Reporting Language, or XBRL. This year, some elements from the 2018 GAAP Financial Reporting Taxonomy have been moved over to the 2019 SEC Reporting Taxonomy, or SRT. The SRT elements from the 2018 taxonomy correspond to the SEC’s authoritative literature in which the underlying recognition and measurement aren’t specified by GAAP.

The latest taxonomies and related release notes can be found on the FASB’s XBRL pages and the links for 2019 GAAP Financial Reporting Taxonomy and 2019 SRT. SEC guidance is available on the SEC's XBRL portal.

FASB will be hosting a live webcast to present the latest taxonomies on Thursday, April 4, 2019, from 1:00 to 2:15 p.m. Eastern Daylight Time. Participants in the live webcast will be eligible to receive for up to 1.5 hours of CPE credit, although CPE credit isn’t available for group viewing of the live webcast.

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