2019 GAAP Financial Reporting Taxonomy & SEC Reporting Taxonomy Available
DEC 27, 2018 - 6:35 am
The Financial Accounting Standards Board announced the availability of the 2019 GAAP Financial Reporting Taxonomy. The board also announced the availability of the 2019 SEC Reporting Taxonomy. Both taxonomies are pending final acceptance by the U.S. Securities and Exchange Commission.
The 2019 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements.
The 2019 SRT contains elements necessary to meet SEC requirements for financial schedules required by the SEC, condensed consolidating financial information for guarantors, and disclosures about oil- and gas-producing activities. The SRT also includes dimensional elements whose underlying recognition and measurement are not specified by GAAP but are elements commonly used by GAAP filers.
The 2019 Taxonomies are expected to be accepted as final by the SEC in early 2019.
Questions about using the Taxonomies and creating and submitting XBRL tagged interactive data files in compliance with SEC rules should be directed to the SEC. SEC contact details and guidance are available at the SEC’s portal on XBRL.
Commercial lenders will face many new and unique challenges over the coming months as the full effects of the coronavirus pandemic are felt throughout the economy. For commercial customers, cash flow, liquidity and credit tightening dramatically across industries is the... read more
Sale-leasebacks are common in the industry, but these transactions can cause accounting issues under ASC 842. Shawn Halladay outlines the key issues and accounting requirements surrounding this product as well as strategies to overcome potential obstacles. Customers enter sale-leasebacks for... read more