Updates to the latest US GAAP Taxonomy 2019 – DataTracks
New York, May 2, 2019 – DataTracks, a global leader in disclosure management and regulatory reporting, announced today that it has updated its products as per the new 2019 version of US GAAP Financial Reporting Taxonomy, SEC Reporting Taxonomy (SRT), Currencies Taxonomy (Currency), and Exchanges Taxonomy (EXCH) which in particular were recently approved by the Securities and Exchange Commission (SEC). The new sets of taxonomies are developed by the Financial Accounting Standards Board (FASB), a governing body that oversees the maintenance and development of taxonomies for public companies to file their compliance reports with the SEC in XBRL or Inline XBRL formats.
The 2019 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements, whereas the 2019 SEC Reporting Taxonomy consists of elements that are necessary to meet SEC requirements for financial schedules, such as the condensed consolidation of financial information for guarantors as well as oil and gas disclosures.
The Securities and Exchange Commission (SEC) strongly encourages filers to exercise the latest version of taxonomy for their XBRL exhibits so that they can take maximum advantage of the most recent tags pertaining to the new accounting standards and other improvements. SEC also recommends filers to consider transitioning to the 2019 taxonomies for the earliest reporting period which closes post-March 11, 2019; not before that.
Following the updates, DataTracks has successfully implemented and test-filed both XBRL and Inline XBRL instance documents with SEC using the latest US GAAP 2019 taxonomy. “We are committed to making document management effortless. To that end, our solution constantly evolves, incorporating the latest frameworks adopted by regulators, so that our customers are always abreast of developments, no matter how recent,” says Balaji Muthukrishnan, Senior Vice President of Service Delivery at DataTracks. “Thanks to our strong technical team and a robust change management process, our application is built modularly, allowing new taxonomy sets to be plugged in without extensive re-development,” he adds.
DataTracks is a leading global regulatory reporting software and services company, providing a broad range of compliance services and solutions to seven of the top 10 accounting firms, global financial printers and over 15,000 enterprises worldwide. With presence across 24 countries, DataTracks helps companies to prepare compliance reports for multiple regulators such as the SEC USA, HMRC UK, Revenue Ireland, ACRA Singapore, MCA India, CIPC South Africa and various EU regulatory authorities. DataTracks drives innovation and technology to improve the way compliance reporting is done.
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