U.S. GAAP FINANCIAL REPORTING TAXONOMY NOW AVAILABLE
Norwalk, CT, December 18, 2013—The Financial Accounting
Standards Board (FASB) today announced the availability of the 2014 U.S. GAAP
Financial Reporting Taxonomy pending final acceptance by the U.S. Securities and
Exchange Commission (SEC). The FASB is responsible for the ongoing development
and maintenance of the taxonomy applicable to public issuers registered with the
SEC.The 2014 U.S. GAAP Financial Reporting Taxonomy contains updates for
accounting standards and other improvements to the 2013 taxonomy currently used
by SEC issuers. The FASB issued proposed improvements to the taxonomy in the
fall, allowing users of the taxonomy to provide feedback on the updates and to
provide SEC filers, service providers, software vendors, and other interested
parties the opportunity to become familiar with and incorporate new element
names for their filings.
The U.S. GAAP 2014 taxonomy is available here.
Questions about using this taxonomy for creating and submitting eXtensible
Business Reporting Language (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.
The U.S. GAAP Financial Reporting Taxonomy is a list
of computer-readable tags in XBRL 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, journalists, and regulators.
In early 2010, the Financial Accounting Foundation (FAF) assumed maintenance
responsibilities for the taxonomy, and, along with the FASB, assembled a team of
technical staff dedicated to updating the taxonomy for changes in U.S. GAAP,
identifying best practices in taxonomy extensions, and technical
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and
finances of both the Financial Accounting Standards Board (FASB) and its
counterpart for state and local government, the Governmental Accounting
Standards Board (GASB). The Foundation is also responsible for selecting the
members of both Boards and their respective Advisory Councils.
About the Financial Accounting Standards Board
1973, the Financial Accounting Standards Board has been the designated
organization in the private sector for establishing standards of financial
accounting and reporting. Those standards govern the preparation of financial
reports and are officially recognized as authoritative by the Securities and
Exchange Commission and the American Institute of Certified Public Accountants.
Such standards are essential to the efficient functioning of the economy because
investors, creditors, auditors, and others rely on credible, transparent, and
comparable financial information. For more information about the FASB, visit our
website at http://www.fasb.org/.