Taxonomy Conversion - US GAAP 2020

Effective March 9, 2020, the Securities Exchange Commission adopted the 2020 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 2019 to 2020 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 2020 taxonomies for the earliest reporting period that ends after March 9, 2020, but not for reporting periods that end before March 9, 2020.

The taxonomy conversion process is usually performed in conjunction with the Roll-Forward process because this is an optimal review period.