On August 17th, the SEC voted to approve amendments to certain disclosure requirements that have become duplicative, overlapping, or outdated. These changes were proposed in light of other disclosure requirements, modifications to US-GAAP, or developments in the information environment. The SEC is also referring to the Financial Accounting Standards Board (FASB) particular disclosure requirements that overlap with but require information incremental to GAAP. These requirements will be considered for incorporation into US GAAP.

With the last EDGAR release, the Securities and Exchange Commission updated EDGAR to accept the US GAAP 2018 taxonomy among other new taxonomies. It’s always a good practice to transition your SEC filings as soon as possible when the SEC accepts the new taxonomy year.

On April 3rd from 1:00 to 2:30 PM EST, the Financial Accounting Standards Board (FASB) will host a webinar covering 2018 GAAP and SEC taxonomy improvements. During the webinar, the FASB staff will demonstrate how to apply the new modeling using example disclosures and discuss the new 2018 SEC Reporting Taxonomy.

Every year, FASB releases a new version of the US GAAP XBRL taxonomy. Depending on the individual filer, adopting this new taxonomy can be easy or potentially require a fair amount of work. While FASB does have release notes for the taxonomy, there is little guidance on how to adopt the new changes. In this blog, we will be going over what can change in a taxonomy update, how to identify those changes, and how to determine what, if anything, needs to be done to your filing to incorporate the changes.

The 2017 US GAAP Taxonomy is going to introduce some rather drastic changes to the way XBRL is prepared. While these changes are proposed for only a few small sections of the taxonomy for now, it looks like this is going to be the shape of things to come for XBRL.