News Release 03/12/19
SEC Accepts 2019 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy
Norwalk, CT, March 12, 2019—The Financial Accounting Standards Board (FASB) today announced that the U.S. Securities and Exchange Commission (SEC) has accepted the 2019 GAAP Financial Reporting Taxonomy. The Board also announced that the SEC has accepted the 2019 SEC Reporting Taxonomy (SRT).
The 2019 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements.
For the 2019 Taxonomy Updates, some elements included in the 2018 GAAP Financial Reporting Taxonomy have been relocated to the 2019 SRT. The SRT elements from the 2018 Taxonomy correspond to the SEC’s authoritative literature in which the underlying recognition and measurement are not specified by GAAP.
The Taxonomies and their related release notes are available on the FASB’s XBRL pages and through the following links: 2019 GAAP Financial Reporting Taxonomy, and 2019 SRT.
Questions about using the Taxonomies and 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.
Those interested in learning more about the 2019 GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy are invited to participate in a live CPE webcast entitled IN FOCUS: 2019 GAAP and SEC Reporting Taxonomy Improvements and SEC Update. Offered free of charge, the webcast takes place on Thursday, April 4, 2019, from 1:00 to 2:15 p.m. Eastern Daylight Time. Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit. (Please note that CPE credit is not available for group viewing of the live broadcast.) To register or to learn more about the webcast, log on to www.fasb.org.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.