The Securities and Exchange Commission has approved both the 2018 GAAP Financial Reporting Taxonomy and the new SEC Reporting Taxonomy as prepared by the Financial Accounting Standards Board.
The annual GAAP taxonomy overhaul contains updates for accounting standards and other recommended improvements. The new SEC Reporting Taxonomy contains elements for financial schedules that are required by the SEC, condensed consolidating financial information for guarantors, and disclosures about oil and gas activities. It also contains dimensional elements for items commonly used by GAAP filers but not specified under GAAP.
