SEC Proposed 2018 Reporting Taxonomy

Posted on November 17, 2017 by Editor

The U.S. Securities and Exchange Commission (SEC) has now announced its preliminary 2018 reporting taxonomy following a formal public review of the proposal. The 2018 SEC Reporting Taxonomy (SRT) moves a range of elements from the GAAP Financial Reporting Taxonomy into a new taxonomy that can be used for companies reporting under both IFRS and US GAAP.

The broad categories addressed in the SRT include:

  • The oil and gas industry
  • Financial schedules
  • Condensed consolidating financial information for guarantors
  • Country code elements
  • Common axis/domain used while reporting financials in US-GAAP.

The introduction of the SRT taxonomy eliminates the need for foreign private issuers (FPIs) using the IFRS taxonomy to import the US-GAAP Financial Reporting Taxonomy. This simplifies what would otherwise be a complex process.

The full text of SEC announcement is available here and the taxonomy on the FASB website here.

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