SEC ACCEPTS 2017 GAAP FINANCIAL REPORTING TAXONOMY
Norwalk, CT, March 9, 2017—The Financial Accounting
Standards Board (FASB) today announced that the U.S. Securities and
Exchange Commission (SEC) has accepted the 2017 GAAP Financial Reporting Taxonomy.
The FASB staff is responsible for the ongoing development and
maintenance of the GAAP Financial Reporting Taxonomy, which is
applicable to public issuers registered with the SEC. Each year, the
Taxonomy is updated to reflect new Accounting Standards Updates and
other related improvements and enhancements.
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, regulators, and others.
The taxonomy as accepted by the SEC has been modified from the release
made available on December 15, 2016 for two documentation label changes.
Refer to the 2017 GAAP Financial Reporting Taxonomy Release Notes for
details of the changes.
Questions about using the Taxonomy for creating and submitting
XBRL-tagged interactive data files in compliance with SEC rules should
be directed to the Commission. The SEC contact details and guidance are
available at the SEC's portal on XBRL.
Those interested in learning more about the 2017 GAAP Financial Reporting Taxonomy are invited to participate in a live CPE webcast entitled IN FOCUS: 2017 GAAP Financial Reporting Taxonomy Improvements and SEC Update.
Offered free of charge, the webcast takes place on Tuesday, March 28,
2017, from 1:00 to 2:15 p.m. EST. 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.
In connection with the 2017 Taxonomy Release, the Taxonomy staff has
issued several final 2017 XBRL Taxonomy Implementation Guides, which can
be found on the XBRL Taxonomy Implementation Guide Page.
In addition to the PDF version of these guides, inline format guides are
in process and will be posted to the FASB website when they become
available. For more information, visit the Taxonomy (XBRL) page.