FASB on Tuesday released the proposed 2018 GAAP Financial Reporting Taxonomy and the proposed 2018 Shared Reporting Taxonomy for public comment.
Public issuers registered with the SEC use the taxonomies for their financial reporting. The proposed GAAP taxonomy contains updates for accounting standards and other recommended improvements. The proposed Shared Reporting Taxonomy contains elements of the GAAP taxonomy needed by IFRS filers for SEC-specific disclosure requirements, eliminating the need for those filers to import the GAAP taxonomy.
—Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.