2014 U.S. GAAP FINANCIAL REPORTING TAXONOMY NOW AVAILABLE FOR PUBLIC REVIEW
AND COMMENTNorwalk, CT—August 30, 2013—The Financial
Accounting Standards Board (FASB) today released the proposed
2014 U.S. GAAP Financial Reporting Taxonomy for public review and comment.
The deadline to submit written comments is October 31, 2013.
is a list of computer-readable financial reporting labels coded in XBRL, an
open-source computer language that allows companies to tag precisely the
thousands of pieces of financial data included in typical long-form financial
statements and related footnote disclosures. The tags allow users of financial
statements to electronically search for, assemble, and process data so that the
data can be readily accessed and analyzed by investors, analysts, journalists,
The proposed 2014 U.S. GAAP Financial Reporting Taxonomy
contains updates for accounting standards and other recommended improvements to
the official taxonomy, which is used by public issuers registered with the U.S.
Securities and Exchange Commission (SEC). The 60-day comment period is intended
to solicit feedback on these updates from users of the taxonomy and to provide
SEC filers, service providers, software vendors, and other interested parties
with the opportunity to become familiar with and suggest revisions to the
taxonomy, including incorporating new elements for current filings.
2014 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and
published in early 2014. The proposed 2014 U.S. GAAP taxonomy and instructions
on how to submit comments are available at the FASB´s XBRL
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.
In early 2010, the Financial Accounting Foundation
(FAF), parent organization to the FASB and the Governmental Accounting Standards
Board, assumed maintenance responsibilities for the taxonomy. The FAF and 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
Those interested in learning more about the
proposed 2014 taxonomy are invited to participate in a live CPE webcast called
IN FOCUS: Proposed 2014 U.S. GAAP Financial
Reporting Taxonomy, ASU Taxonomy Changes, XBRL Implementation Guides, and
Revised Calculation Hierarchy. Offered free of charge, the webcast
takes place on Tuesday, September 10, 2013, from 1:00 to 2:30 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 http://www.fasb.org/.
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
About the Financial Accounting Standards
Since 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/.