Taxonomy Conversion - US GAAP 2019
Effective March 1, 2019, the Securities Exchange Commission adopted the 2019 US GAAP Financial Reporting TaxonomyDictionary-like XBRL classifications that describe the context of data in financial statements and business documents.. Contact Us to walk through converting your report from the 2018 to 2019 taxonomy.
Timing
Before you begin the conversion, first determine an appropriate time to complete the taxonomy conversion process:
- Consider the amount of time available to perform and/or review the taxonomy conversion
- Consider the SEC's recommendation to adopt the most recent release of the taxonomy
The staff strongly encourages companies to use the most recent version of taxonomy releases for their XBRLExtensible Business Reporting Language (XBRL) is an XML-based standard for defining and exchanging business and financial performance information. exhibits to take advantage of the most up-to-date tags related to new accounting standards and other improvements. The staff suggests that filers consider transitioning to the 2019 taxonomies for the earliest reporting period that ends after March 11, 2019, but not for reporting periods that end before March 11, 2019
- The taxonomy conversion process is usually performed in conjunction with the Roll-Forward process because this is an optimal review period.
Additional Resources
- FASB 2019 Taxonomy Resources
- SEC Announcement: XBRL Taxonomy Update
- FASB Release Notes
- FASB Taxonomy Implementation & Style Guides
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