FASB releases proposed 2018 reporting taxonomies

By Ken Tysiac

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.

Comments on the taxonomies are due Oct. 31 at the board’s website for the GAAP taxonomy and the Shared Reporting Taxonomy.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.

SPONSORED REPORT

Taking stock of artificial intelligence

Artificial intelligence is either the greatest thing to ever happen to human work or the dread of our existence. This independently written report explores how AI will reshape the workplace and how analytically minded individuals can stand out.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.