SEC ACCEPTS 2016 GAAP FINANCIAL REPORTING TAXONOMY
Norwalk, CT, March 8, 2016—The Financial Accounting
Standards Board (FASB) today announced that the U.S. Securities and
Exchange Commission (SEC) has accepted the 2016 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.
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 2016 GAAP Financial Reporting Taxonomy are invited to participate in a live CPE webcast entitled 2016 GAAP Financial Reporting Taxonomy Changes and Beyond, and SEC Update.
Offered free of charge, the webcast takes place on Tuesday, April 5,
2016, from 1:00 to 2:15 p.m. EDT. 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 2016 Taxonomy Release, the Taxonomy staff has
issued several final 2016 XBRL Taxonomy Implementation Guides. Those
guides can be found on the XBRL Taxonomy Implementation Guide Page and include:
For more information visit the Taxonomy (XBRL) page.
- Disposal Groups and Discontinued Operations
- Insurance: Concentration of Credit Risk Disclosures
- Liquidation Basis of Accounting
- Measurement Date Practical Expedient for Defined Benefit Plans
- Segment Reporting
- Disclosures about Offsetting Assets and Liabilities
- Other Comprehensive Income
- Notional Amount Disclosures
- Repurchase to Maturity Transactions and Repurchase Financings, and
- Short-duration Insurance Contracts
- Subsequent Events.
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.