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SEC Approves 2018 GAAP Financial Reporting Taxonomy

Announced in a press release by the Financial Accounting Standards Board (“FASB”), the Securities and Exchange Commission (“SEC”) has accepted the 2018 GAAP Financial Reporting Taxonomy. This year’s edition features accounting standards updates and other suggested improvements. The market regulator has also accepted the 2018 SEC Reporting Taxonomy (“SRT”). A new edition this year, the SRT covers the essentials needed to meet provisions for SEC-required financial schedules, condensed consolidating financial information for guarantors, and disclosures regarding oil- and gas-producing activities. FASB staff will discuss the 2018 GAAP Financial Reporting Taxonomy and SRT tomorrow during its live webcast . The event will start at 1:00 pm. ET.

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FASB Staff Seeks Comments on Improving GAAP Taxonomy

Financial Accounting Standards Board (“FASB”) staff members are seeking comments on its Invitation to Comment, U.S. GAAP Financial Reporting Taxonomy—Efficiency and Effectiveness Review . Intended to allow the FASB staff to assess the U.S. GAAP Financial Reporting Taxonomy, the Invitation to Comment addresses proposed improvements to the GAAP Taxonomy and the methods that help taxonomy-related activities. Comments are due by Thursday, June 15.

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2017 GAAP Financial Reporting Taxonomy Released

The Financial Accounting Standards Board (“FASB”) announced last month that the 2017 GAAP Financial Reporting Taxonomy is now available. The 2017 GAAP Taxonomy features accounting standards updates and various improvements to the Taxonomy in practice by Securities and Exchange Commission issuers. The GAAP Financial Reporting Taxonomy lists computer-readable tags in eXtensible Business Reporting Language (XBRL), allowing companies to tag financial data included in long-form financial statements and footnote disclosures. The tags help computers automatically search for, collect, and process data to be accessed and evaluated. A news release on the 2017 GAAP Financial Reporting Taxonomy is available on FASB.org.

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