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SEC Proposed 2018 Reporting Taxonomy

Posted on November 17, 2017 by Editor

financial report concept use computer, graph, computer and card

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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