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FASB proposes updated, new taxonomies for 2018

Tammy Whitehouse | September 8, 2017

The Financial Accounting Standards Board has completed its annual update to the GAAP Financial Reporting Taxonomy and has added a new taxonomy for companies to consider that addresses international standards.

FASB is looking for public comment on its proposed 2018 GAAP taxonomy and its new “2018 Shared Reporting Taxonomy,” which contains elements needed by companies reporting under International Financial Reporting Standards to comply with disclosure requirements of the Securities and Exchange Commission. The GAAP taxonomy is updated every year to reflect changes in accounting standards and...

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