USA

SEC includes US GAAP 2017 Taxonomy in Approved Taxonomies List

  • 16 May 2017
  • Vineeto Cherian
  • SEC Filings

The Security Exchange Commission (SEC), on March 06, 2017 included the 2017 US GAAP taxonomy in the Edgar system. The Financial Accounting Foundation (FAF) along with the Financial Accounting Standards Board (FASB) has designed the 2017 US GAAP taxonomy acknowledging the need to minimize inconsistencies between the new elements and those that are part of the previous taxonomies.

With the inclusion of the new taxonomy a total of 948 new elements have been added:  a699 elements from Accounting Standards Updates (ASUs), 177 elements owing to public comments and 72 elements as a result of the Taxonomy Topical Project.

In addition to the new elements, the major changes in the new taxonomy are in the form of extensible list, typed dimension and taxonomy disclosure templates. These upgrades are made in the US-GAAP taxonomy to be on par with the latest improvements in the XBRL industry.

DataTracks has successfully incorporated the new 2017 US GAAP taxonomy within its DT DMS solution, the proprietary solution DataTracks uses to produce XBRL & inline XBRL exhibits.  All our existing customers and new customers can file their 2017 Q1- 10 Q filings in accordance with the 2017 US GAAP Taxonomy in complete assurance, without any hesitation.