SEC Accepts 2016 Financial Reporting Taxonomy

By Evan Condran. In a recent press release, the Financial Accounting Standards Board (FASB) announced that the U.S. Securities and Exchange Commission (SEC) has officially accepted the 2016 GAAP Financial Financial ComplianceReporting Taxonomy.

The 2016 Taxonomy, which can be accessed here, contains updates for accounting standards and other improvements to the official taxonomy that was previously used by SEC issuers.

In addition to the release of the 2016 Taxonomy, the FASB has also issued several implementation and style guides related to the new taxonomy.  You can access those guides on the FASB’s XBRL Taxonomy Implementation Guide Page.  Topics include:

  • Disposal Groups and Discontinued Operations
  • Insurance: Concentration of Credit Risk Disclosures
  • Liquidation Basis of Accounting
  • Measurement Date Practical Expedient for Defined Benefit Plans
  • Segment Reporting
  • Disclosures about Offsetting Assets and Liabilities
  • Notional Amount Disclosures
  • Repurchase-to-Maturity Transactions and Repurchase Financings
  • Other Comprehensive Income
  • Short-duration Insurance Contracts
  • Subsequent Events

On Tuesday, April 5th from 1:00-2:15 pm ET, the FASB will be hosting a live CPE webcast, In Focus:  2016 GAAP Financial Reporting Taxonomy, Changes and Beyond, and SEC Update, for anyone looking to learn more about these changes.

During the presentation, the speakers will also discuss proposed changes to the 2017 GAAP Financial Reporting Taxonomy for recently issued FASB Accounting Standards Updates (ASUs). In addition, the SEC staff, Mike Willis, Assistant Director, Office of Structured Disclosure, U.S. Securities and Exchange Commission, and Kimberly Earle, Associated Chief Accountant, Office of Structured Disclosure, U.S. Securities and Exchange Commission will discuss current XBRL filing issues.

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