2018 US taxonomies released for SEC approval
FASB, the US accounting standards setter, published the 2018 GAAP Financial Reporting Taxonomy and the 2018 SEC Reporting Taxonomy (“SRT”), pending final acceptance by the regulator.
The new SRT taxonomy incorporates a range of disclosures that aren’t dependent on the accounting framework being used, as well as certain reference data to allow both US GAAP and IFRS filers to use this common information.
SEC filers should consult their XBRL filing agents or software and service providers about the changes, which include a range of architectural adjustments that will need to be considered.
The taxonomies were consulted on in 2017 and FASB anticipates both taxonomies will be accepted as final by the SEC before long.
You can read the full FASB announcement here.