Financial Accounting Standards Board (FASB) has released the draft version of the 2018 Shared Reporting Taxonomy (SRT) which is open for public review and comment. The Board also issued the proposed 2018 GAAP Financial Reporting Taxonomy. The Taxonomies are used by public issuers registered with the SEC. The deadline to submit written comments for the 2018 Shared Reporting Taxonomy is October 31, 2017. The Taxonomies are expected to be accepted as final by the SEC in early 2018.
The introduction of the SRT taxonomy will eliminate the need to import the US-GAAP Financial Reporting Taxonomy for foreign filers filing using the IFRS taxonomy. The IFRS taxonomy is a small taxonomy with about 4,000 elements as compared to US-GAAP which is having over 17,000 elements.
The SRT taxonomy has 442 elements. It’s a sub-set of US-GAAP taxonomy where filers can use this sub-set while reporting to the SEC using IFRS taxonomy. Below are the broad categories of elements in the SRT.
- Oil and gas industry-specific elements
- Financial schedules elements
- Condensed consolidating financial information for guarantors
- Country codes (members of the country) elements
- Common axis/domain used while reporting financials in US-GAAP.
You can find the release notes of the SRT taxonomy here and the complete list of elements in the taxonomy can be downloaded from the FASB website. The comment period is closing in just a few days. Those who wish to comment can do it in one of the following ways.
- Send e-mail to firstname.lastname@example.org
- Fill out an electronic form