FASB ISSUES INVITATION TO COMMENT ON EFFICIENCY AND EFFECTIVENESS OF GAAP
FINANCIAL REPORTING TAXONOMY
Norwalk, CT, May 10,
2017—The Financial Accounting Standards Board (FASB) staff today issued
an Invitation
to Comment (ITC) designed to allow it to assess the efficiency and
effectiveness of the U.S. GAAP Financial Reporting Taxonomy (GAAP
Taxonomy).
The ITC,
U.S. GAAP Financial Reporting Taxonomy—Efficiency and Effectiveness
Review, addresses potential improvements to the usability of the GAAP
Taxonomy and to the processes that support taxonomy-related activities. It is
intended to obtain feedback from stakeholders at an early stage in the Board’s
review of the GAAP Taxonomy. Interested parties are asked to provide input on
the ITC by June 15, 2017.
A public roundtable meeting to discuss feedback
received on the ITC is scheduled for July 18, 2017. Individuals or organizations
wishing to participate in the roundtable meeting should notify the FASB by email
at director@fasb.org and submit their
comments by June 15, 2017. Additional information is available in the
document.
The FASB staff is responsible for the ongoing development and
maintenance of the GAAP Taxonomy, which is applicable to public issuers
registered with the SEC. Each year, the GAAP Taxonomy is updated to reflect new
Accounting Standards Updates and other enhancements.
The GAAP 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, regulators, and others.
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/.