2015 GAAP FINANCIAL REPORTING TAXONOMY AVAILABLE FOR PUBLIC REVIEW AND
COMMENT
Norwalk, CT, August 29, 2014 — The
Financial Accounting Standards Board (FASB) today released the proposed 2015
GAAP Financial Reporting Taxonomy for public review and comment. The deadline
to submit written comments is October 31, 2014.
The taxonomy is a list of
computer-readable financial reporting labels coded in eXtensible Business
Reporting Language (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, and regulators.
The proposed 2015 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 allow users of the taxonomy to provide
feedback on these updates. It is also 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.
The 2015 GAAP Financial
Reporting Taxonomy is expected to be accepted as final by the SEC in early 2015.
The proposed 2015 GAAP taxonomy and instructions on how to submit comments are
available at the FASB´s XBRL page.
Questions about using this 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.
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 GAAP, identifying best
practices in taxonomy extensions, and technical enhancements.
Those
interested in learning more about the 2015 GAAP Financial Reporting Taxonomy are
invited to participate in a live CPE webcast called IN FOCUS:
Proposed 2015 GAAP Financial Reporting Taxonomy, ASU Taxonomy Changes, Taxonomy
Implementation Guides, Taxonomy Simplification. Offered free of
charge, the webcast takes place on Tuesday, September 9, 2014, 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/.
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 http://www.fasb.org/.