What’s Changed and How Does it Impact Your Disclosures?
On March 16, 2018, the SEC announced support of the FASB’s proposed 2018 U.S. GAAP Financial Reporting Taxonomy and the 2018 SEC Reporting Taxonomy (SRT).
The US GAAP Financial Reporting Taxonomy is a list of computer-readable tags in XBRL format that guides companies to precisely tag thousands of pieces of financial data in financial statements and footnote disclosures. The SRT contains elements moved from the U.S. GAAP Financial Reporting Taxonomy and includes dimensional elements whose underlying recognition and measurement is not specified by U.S. GAAP.
The FASB, Financial Accounting Standards Board, submitted the 2018 GAAP Financial Reporting Taxonomy in the fall of 2017 to give taxonomy users the opportunity to provide any feedback and/or comments on the proposed changes. This early submission also provides filers the chance to get familiar with the new XBRL element names for their upcoming 2018 filings.
XBRL, or eXtensible Business Reporting Language, standardizes the way companies communicate and present business information by applying computer readable tags to information across public financial documents. The use of XBRL for financial reporting allows companies to organize, analyze and share important data easier. Public companies, accountants, government agencies and analysts & investors are among some of the groups that benefit from the efficiencies of XBRL.
The FASB website provides companies with a comprehensive guide and supporting documents regarding the updated 2018 Taxonomy, as well as information from years prior for comparative details. Here you will find release notes, an Excel spreadsheet documenting the changes from 2017 to 2018, a taxonomy technical guide and more.
For additional information on how these changes will impact your disclosures and to earn CPE credit, join us on May 24th at 11am PT as our XBRL experts discuss the taxonomy changes and answer your questions live.