2015 GAAP FINANCIAL REPORTING TAXONOMY
ADOPTED AND SUPPORTED BY SEC EFFECTIVE MARCH 9, 2015
Norwalk, CT, March 9, 2015—The Financial Accounting
Standards Board (FASB) today announced that the U.S. Securities and
Exchange Commission (SEC) adopted the 2015 GAAP Financial Reporting
Taxonomy. The FASB staff is responsible for the ongoing development and
maintenance of the Taxonomy applicable to public issuers registered with
the SEC. The GAAP Financial Reporting Taxonomy contains updates for
accounting standards and other improvements to the official Taxonomy
previously in use by SEC issuers.
The GAAP Financial Reporting Taxonomy is a list of computer-readable
tags in eXtensible Business Reporting Language (XBRL) format 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.
The 2015 GAAP Taxonomy is available here.
Questions about using this Taxonomy for creating and submitting
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.
In early 2010, the Financial Accounting Foundation (FAF), parent
organization to the FASB, 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 GAAP, identifying best
practices in Taxonomy extensions, and technical enhancements.
Those interested in learning more about the 2015 GAAP Financial Reporting Taxonomy are invited to participate in a live CPE webcast called IN FOCUS: 2015 GAAP Financial Reporting Taxonomy, Changes and Beyond, Taxonomy Implementation Guides, and SEC Update.
Offered free of charge, the webcast takes place on Thursday, April 2,
2015, from 1:00 to 2:15 p.m. Eastern Daylight Time. Participants in the
live broadcast will be eligible for up to 1.5 hours of CPE credit.
(Please note that CPE credit is not available for group viewing of the live broadcast.) To register or to learn more about the webcast, log on to www.fasb.org.
About the Financial Accounting Foundation
Established in 1972, the Financial Accounting Foundation (FAF) is the
independent, private-sector, not-for-profit organization based in
Norwalk, Connecticut, responsible for the oversight, administration,
financing, and appointment of the Financial Accounting Standards Board
(FASB) and the Governmental Accounting Standards Board (GASB). The FASB
and the GASB establish and improve financial accounting and reporting
standards—known as Generally Accepted Accounting Principles, or GAAP—for
public and private companies, not-for-profit organizations, and state
and local governments in the United States. For more information, visit www.accountingfoundation.org.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector
organization, based in Norwalk, Connecticut, that establishes financial
accounting and reporting standards for public and private companies and
not-for-profit organizations that follow Generally Accepted Accounting
Principles (GAAP). The FASB is recognized by the Securities and Exchange
Commission as the designated accounting standard setter for public
companies. FASB standards are recognized as authoritative by many other
organizations, including state Boards of Accountancy and the American
Institute of CPAs (AICPA). The FASB develops and issues financial
accounting standards through a transparent and inclusive process
intended to promote financial reporting that provides useful information
to investors and others who use financial reports. The Financial
Accounting Foundation (FAF) supports and oversees the FASB. For more
information, visit www.fasb.org.