Get the free FASB GAAP Taxonomy Implementation Guide - Subsequent Events
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Version 6.0 March 2023Subsequent Events (2023 GAAP Taxonomy)GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy (collectively referred to as the GAAP Taxonomy) Implementation Guide Series
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How to fill out fasb gaap taxonomy implementation
How to fill out fasb gaap taxonomy implementation
01
Identify the specific accounting standards that apply to your organization's financial reporting.
02
Determine the relevant taxonomy elements that align with the financial statements and disclosures.
03
Map the financial data in your organization's systems to the appropriate taxonomy elements.
04
Tag the data using the taxonomy elements to create XBRL formatted financial statements.
05
Validate the XBRL formatted financial statements for accuracy and compliance.
Who needs fasb gaap taxonomy implementation?
01
Publicly traded companies that are required to submit their financial statements to the Securities and Exchange Commission (SEC) in XBRL format.
02
Accounting firms that provide services related to financial reporting and compliance.
03
Regulatory bodies that oversee financial reporting standards and compliance.
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What is fasb gaap taxonomy implementation?
FASB GAAP taxonomy implementation refers to the process of applying the Financial Accounting Standards Board's Generally Accepted Accounting Principles (GAAP) to a structured electronic format for financial reporting purposes.
Who is required to file fasb gaap taxonomy implementation?
Public companies in the United States are required to file FASB GAAP taxonomy implementation with the Securities and Exchange Commission (SEC).
How to fill out fasb gaap taxonomy implementation?
Filling out FASB GAAP taxonomy implementation involves mapping financial data to the standardized tags provided by the taxonomy and submitting it in XBRL format.
What is the purpose of fasb gaap taxonomy implementation?
The purpose of FASB GAAP taxonomy implementation is to improve the quality and accessibility of financial reporting by standardizing the way financial data is presented.
What information must be reported on fasb gaap taxonomy implementation?
Information such as balance sheets, income statements, cash flow statements, and other financial data must be reported on FASB GAAP taxonomy implementation.
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