RECENT POSTS
Tuesday, June 18, 2019
Popping the Lid on Smuckers’ Goodwill

Tuesday, June 11, 2019
Not Much Fizz in LaCroix Right Now

Wednesday, May 29, 2019
An Example of Calcbench, Excel, and Insight

Monday, May 20, 2019
Research Paper: Capex Spending

Thursday, May 16, 2019
Psst: Got Any Weed?

Wednesday, May 15, 2019
Open Letter: SEC Proposed Rule for BDCs

Friday, May 10, 2019
General Motors and Workhorse

Monday, May 6, 2019
How to Find Earnings Release Data

Tuesday, April 23, 2019
Following Restructuring Costs Over Time

Monday, April 22, 2019
Capex Spending: More Than You Might Think

Saturday, April 13, 2019
When AWS Takes Over the World

Thursday, April 11, 2019
Data Trends in Focus: Restructuring Costs

Sunday, April 7, 2019
How One Customer Crushed It With Calcbench

Thursday, April 4, 2019
TJX Shows Complexity of Leasing Costs Reporting

Tuesday, April 2, 2019
CEO Pay Ratios: Some 2018 Thoughts

Wednesday, March 27, 2019
Corporate Spending: Where It Goes, 2017 vs. 2018

Monday, March 25, 2019
Health Insurers: A Bit Winded?

Friday, March 22, 2019
Our New Master Class Video

Thursday, March 21, 2019
Tech Data’s Goodwill Adjustment

Tuesday, March 19, 2019
There’s Taxes, and There’s Taxes

Archive  |  Search:
Get Yer Taxonomy On…
Thursday, December 28, 2017

Financial reporting enthusiasts, take note: the world now has a new taxonomy of financial reporting terms for you to use!

Just before Christmas, the Financial Accounting Standards Board released its usual taxonomy of accounting terms according to U.S. Generally Accepted Accounting Principles. This is the taxonomy U.S. filers have used for years to “tag” the items in their financial statements that get filed with the SEC.

This year, however, FASB also debuted a new “SEC Reporting Taxonomy” — for other items that might be included in an SEC filing, but aren’t financial items that fit into GAAP.

For example, some of the SEC Reporting Taxonomy tags pertain to disclosures about oil and gas production that energy companies might be required to disclose. Other relate to financial schedules required by the SEC, and condensed consolidated financial information.

Now, for Calcbench subscribers who aren’t corporate accountants or lawyers obsessed with how financial information is reported, we know you may be thinking, “Umm, kinda cool, but what does this mean for me?”

Soon enough, it will mean more data available to you via Calcbench. The taxonomy and tagging talk is mostly insider stuff about how IT systems (including ours) can pull data from SEC filings and bring it to your screen in precise, speedy, accurate ways.

From your perspective as a consumer of all that data, this taxonomy news means you’ll just have more data — the data that will now be tagged according to the SEC Reporting Taxonomy — indexed, collated, and living comfortably in the Calcbench databases.

We should also note that overseas, the IFRS Foundation has proposed a taxonomy for companies that file statements using International Financial Reporting Standards. The SEC voted last year to require foreign private issuers who use IFRS to tag their SEC statements, so you’ll be able to see data from those filers, too.

One caveat: this won’t happen overnight. First, the Securities and Exchange Commission needs to approve these taxonomies, although that’s a formality that will happen in early 2018. Then companies will start submitting the SEC filings with the new tags; then Calcbench will start collecting that data. Ditto all that for the IFRS taxonomy, too.

But as the data starts arriving later in 2018, we’ll be passing it along to you.


FREE Calcbench Premium
Two Week Trial

Research Financial & Accounting Data Like Never Before. More features and try our Excel add-in. Sign up now to try the Premium Suite.