2015 GAAP FINANCIAL REPORTING TAXONOMY NOW AVAILABLE
Norwalk, CT, December 18, 2014—The Financial Accounting Standards Board (FASB)
today announced the availability of the 2015 GAAP Financial Reporting
Taxonomy (Taxonomy) pending final acceptance by the U.S. Securities and
Exchange Commission (SEC).
The 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.
The 2015 GAAP Financial Reporting Taxonomy contains updates for
accounting standards and other improvements to the 2014 Taxonomy
currently used by SEC issuers. The FASB staff 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 GAAP 2015 Taxonomy is available here.
Questions about using the 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) 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 GAAP, identifying best practices in Taxonomy extensions,
and incorporating technical enhancements.
If you are interested in learning tips and tools for navigating the
Taxonomy to most effectively find the tags you need you are invited to
participate in a special live CPE webcast called IN FOCUS: Tips and Tools to Find Taxonomy Tags.
Offered free of charge, this special webcast takes place on Thursday,
January 8, 2015, from 1:00 to 2:00 p.m. Eastern Standard Time.
Participants in the live broadcast will be eligible for up to 1.0 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.
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and finances
of both the 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
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 www.fasb.org.