The Financial Accounting Standards Board (FASB) has released two proposed reporting taxonomies for 2018, and written comments are due Oct. 31 for both documents.
The proposed 2018 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements since the 2017 taxonomy. A free live webinar, IN FOCUS: 2018 GAAP Financial Reporting Taxonomy/Shared Reporting Taxonomy Proposed Improvements and SEC Update, will be offered Oct. 3 from 1 p.m. to 2:30 p.m. ET.
Participants will be eligible for up to 1.8 hours of CPE credit. (The CPE credit will not be available for group viewing of the live broadcast.) Registration and more information about the webinar are available at fasb.org.
The second proposal, the 2018 Shared Reporting Taxonomy, contains elements of the GAAP taxonomy that are needed by International Financial Reporting Standards filers for disclosure requirements specifically needed by the U.S. Securities and Exchange Commission (SEC). This will eliminate the need for these filers to import the GAAP Financial Reporting Taxonomy.
The taxonomies are used by public issuers registered with the SEC. The commission is expected to accept the taxonomies as final in early 2018.
The comment period that ends Oct. 31 is intended to allow users to provide feedback but also to give SEC filers, service providers, software vendors, and other interested parties the opportunity to become familiar with and suggest revisions, including incorporating new elements for current filings.
Instructions on how to submit comments are available on the FASB’s XBRL page and through the above links to each proposed taxonomy.
Questions about using the taxonomies for creating and submitting XBRL-tagged interactive data files in compliance with SEC rules should be directed to the SEC. SEC contact details and guidance are available at the SEC’s portal on XBRL.
Users should read the release notes and other guidance and supporting materials provided in the links that contain details of the changes. All comments are tracked and reviewed for inclusion in the final 2018 Taxonomy release.
Comments are acknowledged when received but responses to individual comments aren’t possible. Anyone who wants to comment must register with a user name and email address. All comments are visible to other users.
Guidance for using the taxonomy viewer and comment tool is provided here.
Changes to the development taxonomy won’t be visible during the comment period. All changes made during the comment period will be visible after Oct. 31.
Terry Sheridan is an award-winning journalist who has covered real estate, mortgage finance, health care, insurance, personal finance, and accounting and taxation issues for newspapers, magazines, and websites. A Chicago native and former South Florida resident, she now lives in New England.