2013 U.S. GAAP FINANCIAL REPORTING TAXONOMY ADOPTED AND SUPPORTED BY SEC
EFFECTIVE MAY 20, 2013
Norwalk, CT, May 20, 2013—The
U.S. Securities and Exchange Commission (SEC) has adopted the 2013 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 Taxonomy as accepted by
the SEC has been modified from the release made available on December 21, 2012.
Refer to the 2013 GAAP Financial Reporting Taxonomy Release Notes for details of
the changes.
The U.S. GAAP 2013 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. The 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 Financial Accounting Foundation (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
technical enhancements.
About the Financial Accounting
Foundation
The FAF is responsible for the oversight,
administration, and finances of both the Financial Accounting Standards Board
and its counterpart for state and local government, the Governmental Accounting
Standards Board. The FAF also is responsible for selecting the members of both
Boards and their respective Advisory Councils.
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 http://www.fasb.org/.