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.