PROPOSED 2016 GAAP FINANCIAL REPORTING TAXONOMY
AVAILABLE FOR PUBLIC REVIEW AND COMMENT
Norwalk, CT, September 1, 2015—The Financial Accounting
Standards Board (FASB) today released the proposed 2016 GAAP Financial
Reporting Taxonomy for public review and comment. The deadline to
submit written comments is October 31, 2015.
The proposed 2016 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 allow users
of the Taxonomy to provide feedback on these updates. It also is
intended to afford SEC filers, service providers, software vendors, and
other interested parties the opportunity to become familiar with and
suggest revisions to the Taxonomy, including incorporating new elements
for current filings.
Those interested in learning more about the proposed 2016 GAAP Financial
Reporting Taxonomy are invited to participate in a live CPE webinar
called IN FOCUS: Proposed 2016 GAAP Financial Reporting Taxonomy Changes, Simplification, Filer Counts, and Context Sensitive Guidance.
Offered free of charge, the webinar takes place on Tuesday, September
22, 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.
The 2016 GAAP Financial Reporting Taxonomy is expected to be accepted as
final by the SEC in early 2016. The proposed 2016 GAAP Taxonomy and
instructions on how to submit comments are available at the FASB’s XBRL page.
Questions about using the Taxonomy for creating and submitting 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.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector,
not-for-profit 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.