FASB TO HOST ROUNDTABLE MEETING ON U.S. GAAP TAXONOMY INVITATION TO
COMMENT
Norwalk, CT, June 13, 2017—The Financial
Accounting Standards Board (FASB) will host a
public roundtable meeting to discuss the Invitation
to Comment (ITC), U.S. GAAP Financial Reporting Taxonomy—Efficiency and
Effectiveness Review.
The meeting will be held from 9:00 a.m. to
12:00 p.m. Eastern Daylight Time (EDT) on Tuesday, July 18, 2017, at the FASB
offices located at 401 Merritt 7 in Norwalk, Connecticut.
The purpose of
the roundtable meeting is to obtain feedback on the provisions of the ITC, which
was issued
on May 10, 2017. The document addresses potential improvements to the usability
of the GAAP Taxonomy and to the processes that support taxonomy-related
activities. The FASB also is interested in hearing other suggestions that could
help improve the efficiency and effectiveness of the GAAP Taxonomy.
To
ensure that the dialogue includes a broad perspective, the FASB seeks
participants for the meeting that represent a wide spectrum of stakeholders
interested in structured digital reporting, including financial statement users,
data aggregators, auditors, XBRL software vendors and service providers,
preparers, and others.
Those who have not yet submitted a comment letter
and wish to participate in the session are asked to submit written comments. All
participants must register
online by June 27, 2017. Nonparticipating observers also should register
in advance (seating is available on a first-come, first-served basis).
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 http://www.fasb.org/.