2015 US GAAP Financial Taxonomy to be adopted by SEC
In a recent development, the SEC announced its adoption of the 2015 GAAP taxonomy developed by Financial Accounting Standards Board (FASB). FASB is a governing body overlooking taxonomy development and maintenance 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.
SEC announced its adoption of the 2015 GAAP taxonomy
The 2015 GAAP taxonomy is available here of late; the SEC has encouraged companies to use the most recent version to include relevant tags in their financial statements. SEC came down heavily on corporates failing to comply with the latest revisions. In July last year, SEC issued CFO letters to companies that did not include all the required calculation relationships in their XBRL report.
Suresh Illath, SVP, of 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, of Service Delivery at DataTracks adds,” With SEC striving for an error-free reporting environment with low extensions, the filers are encouraged to keep track of the latest developments in taxonomy. Since it becomes time-consuming and complex for them, they rely on DataTracks to provide high-quality reports quickly to meet their filing requirements. DataTracks has been partnering with 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 solutions to enterprises across North America, Europe and Asia. Being a pioneer in XBRL technology, DataTracks’ Disclosure Management Solution provides a cloud-based collaborative experience for preparing compliance reports.
About DataTracks: DataTracks US is part of DataTracks Services Limited (www.datatracksglobal.com), leaders worldwide in the preparation of financial statements in XBRL and iXBRL formats for filing with regulators. DataTracks prepares more than 12,000 XBRL statements annually for filing with regulators such as SEC in the United States, HMRC in the United Kingdom, Revenue in Ireland, ACRA in Singapore and MCA in India.
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