PROPOSED 2017 GAAP FINANCIAL REPORTING TAXONOMY
Norwalk, CT, September 1, 2016 — The Financial Accounting
Standards Board (FASB) today released the proposed 2017 GAAP Financial
Reporting Taxonomy for public review and comment. The deadline to
submit written comments is October 31, 2016.
AVAILABLE FOR PUBLIC REVIEW AND COMMENT
The proposed 2017 Taxonomy contains updates for accounting standards and
other recommended improvements. The Taxonomy 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 2017 GAAP Financial
Reporting Taxonomy are invited to participate in a live CPE webinar
called IN FOCUS: 2017 GAAP Financial Reporting Taxonomy Changes and SEC Update.
Offered free of charge, the webinar takes place on Tuesday, October,
4, 2016, 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 2017 GAAP Financial Reporting Taxonomy is expected to be accepted as
final by the SEC in early 2017. The proposed 2017 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.