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

Solving the lease accounting challenge

The challenges of the new lease accounting standard have been pervasive to say the least. In this free, independently-written report, you'll learn effective adoption strategies as well as resources for easing the transition to the new standard.

FEATURE

Tackling TCJA changes this tax season

Return preparers must be ready for how the Tax Cuts and Jobs Act has modified many common features of individual and business returns.