2017 GAAP FINANCIAL REPORTING TAXONOMY NOW AVAILABLE
Norwalk, CT, December 15, 2016—The Financial Accounting Standards Board (FASB)
today announced the availability of the 2017 GAAP Financial Reporting
Taxonomy (Taxonomy) pending final acceptance by the U.S. Securities and
Exchange Commission (SEC).
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 2017 GAAP Taxonomy is available here.
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.
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 and
identifying best practices in Taxonomy extensions and technical
enhancements.
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.