NEWS RELEASE 09/01/11
2012 U.S. GAAP Financial Reporting Taxonomy Now Available for Public Review
and Comment
Norwalk, CT, September 1, 2011—The Financial
Accounting Standards Board (FASB) today released the proposed 2012 U.S. GAAP
Financial Reporting Taxonomy for public review and comment. The deadline to
submit written comments is October 31, 2011.
The taxonomy is a list of
computer-readable financial reporting labels coded in XBRL, an open-source
computer language that allows companies to tag precisely the thousands of pieces
of financial data included in typical long-form financial statements and related
footnote disclosures. The tags allow users of financial statements to
electronically search for, assemble, and process data so that the data can be
readily accessed and analyzed by investors, analysts, journalists, and
regulators.
The proposed 2012 U.S. GAAP Financial Reporting Taxonomy
contains updates for accounting standards and other recommended improvements to
the official taxonomy, which is used by public issuers registered with the U.S.
Securities and Exchange Commission (SEC). The 60-day comment period is intended
to solicit feedback on these updates from users of the taxonomy and to provide
SEC filers, service providers, software vendors, and other interested parties
with the opportunity to become familiar with and suggest revisions to the
taxonomy, including incorporating new elements for current filings.
The
2012 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and
published in early 2012.
The proposed 2012 U.S. GAAP taxonomy and
instructions on how to submit comments are available at the FASB’s XBRL
page.
Questions about using this taxonomy for creating and
submitting eXtensible Business Reporting Language (XBRL) tagged interactive data
files in compliance with SEC rules should be directed to the SEC. SEC contact
details and guidance are available at the SEC’s portal on
XBRL.
In early 2010, the Financial
Accounting Foundation (FAF), parent organization to the FASB and the
Governmental Accounting Standards Board, assumed maintenance responsibilities
for the taxonomy. The FAF and the FASB assembled a team of technical staff
dedicated to updating the taxonomy for changes in U.S. GAAP, identifying best
practices in taxonomy extensions, and technical
enhancements.