In a recent development, the SEC announced its adoption of the 2015 GAAP taxonomy developed by Financial Accounting Standards Board (FASB). FASB is governing body overlooking the development and maintenance of taxonomy for public companies registered with the SEC. The recent version contains a mix of updates and revisions to the existing taxonomy used by the companies to file their financial statements with the SEC.
The 2015 GAAP taxonomy is available here Of late; the SEC has been encouraging companies to use the most recent version of taxonomy for including relevant tags in their financial statements. SEC came down heavily on corporates failing to comply with latest revisions. In July last year, SEC issued CFO letters to companies which did not include all the required calculation relationships in their XBRL report.
Suresh Illath, SVP, Service Delivery at DataTracks says, “XBRL is a globally accepted reporting format which provides transparent and reliable information. SEC in its quest for continuous improvements to reporting incorporates revisions to the taxonomy. Here at DataTracks, we continuously monitor the regulations and their related revisions and integrate it with our systems to keep our clients abreast with the SEC’s upgrades.
Balaji Muthukrishnan, VP, Service Delivery at DataTracks adds,” With SEC striving for an error free reporting environment with low extensions, the filers are encouraged to keep a track of latest developments in taxonomy. Since it becomes time consuming and complex for them, they rely on DataTracks to provide high quality reports at quick turnaround time to meet their filing requirements. DataTracks has been partnering companies since the introduction of mandatory XBRL reporting by SEC. With a strong team of US GAAP experts, DataTracks is trusted by companies across the industry for their 10-K and 10-Q reports.”
DataTracks provides compliance reporting solution to enterprises across North America, Europe and Asia. Being a pioneer in XBRL technology, DataTracks’ Disclosure Management Solution provides cloud-based collaborative experience for preparing compliance reports.