GAAP, SEC taxonomies for 2019 are available

By Ken Tysiac

The 2019 GAAP Financial Reporting Taxonomy and the 2019 SEC Reporting Taxonomy are available on FASB’s website, the board announced Tuesday.

FASB expects the taxonomies to be accepted as final by the SEC early in 2019. The 2019 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements.

The 2019 SEC Reporting Taxonomy provides elements necessary to meet SEC requirements for financial schedules, condensed consolidating financial information for guarantors, and disclosures about oil- and gas-producing activities. In addition, the SEC taxonomy includes dimensional elements whose underlying recognition and measurement are not specified by GAAP but are elements commonly used by GAAP filers.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.

SPONSORED REPORT

Get your clients ready for tax season

These year-end tax planning strategies address recent tax law changes enacted to help taxpayers deal with the pandemic, such as tax credits for sick leave and family leave and new rules for retirement plan distributions, as well as techniques for putting your clients in the best possible tax position.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.