NEWS RELEASE 03/27/12
2012 U.S. GAAP Financial Reporting Taxonomy Adopted and Supported by SEC
Effective March 26, 2012
Norwalk, CT, March 27, 2012—The
U.S. Securities and Exchange Commission (SEC) has adopted the 2012
non-governmental U.S. GAAP Financial Reporting Taxonomy, the Financial
Accounting Foundation (FAF) and the Financial Accounting Standards Board (FASB)
announced today. The FAF and the FASB are responsible for the ongoing
maintenance of the Taxonomy applicable to public issuers registered with the
SEC.
The U.S. GAAP Financial Reporting Taxonomy contains updates for
accounting standards and other improvements to the official Taxonomy previously
in use by SEC issuers.
The complete U.S. GAAP 2012 Taxonomy is available
here.
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.
The U.S. GAAP
Financial Reporting Taxonomy is a list of computer-readable tags in XBRL that
allows companies to tag precisely the thousands of pieces of financial data that
are included in typical long-form financial statements and related footnote
disclosures. The tags allow computers to automatically search for, assemble, and
process data so it can be readily accessed and analyzed by investors, analysts,
journalists, and regulators.
In early 2010, the FAF assumed maintenance
responsibilities for the Taxonomy, and, along with 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 implementing technical
enhancements. The 2011 Taxonomy currently in use by SEC issuers was developed by
the FASB.
About the Financial Accounting Standards
Board
Since 1973, the Financial Accounting Standards Board has
been the designated organization in the private sector for establishing
standards of financial accounting and reporting. Those standards govern the
preparation of financial reports and are officially recognized as authoritative
by the Securities and Exchange Commission and the American Institute of
Certified Public Accountants. Such standards are essential to the efficient
functioning of the economy because investors, creditors, auditors, and others
rely on credible, transparent, and comparable financial information. For more
information about the FASB, visit our website at www.fasb.org.
About
the Financial Accounting Foundation
The FAF is responsible for
the oversight, administration, and finances of both the Financial Accounting
Standards Board (FASB) and its counterpart for state and local government, the
Governmental Accounting Standards Board (GASB). The Foundation is also
responsible for selecting the members of both Boards and their respective
Advisory Councils.