The proposed 2018 U.S. Financial Reporting Taxonomy (Taxonomy) contains updates for accounting standards and other improvements since the 2017 Taxonomy as used by issuers filing with the U.S. Securities and Exchange Commission (SEC).
The proposed 2018 Shared Reporting Taxonomy (SRT) contains elements 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 that have broad applicability to financial reporting requirements.
All interested parties should review and provide feedback on the Proposed 2018 Taxonomy and Proposed 2018 SRT during the 60-day comment period which ends October 31, 2017. The period is intended to solicit feedback on these updates from users of the Taxonomy and SRT and to provide SEC filers, service providers, software vendors, and other interested parties the opportunity to become familiar with and suggest revisions to the Taxonomy and SRT.