NEWS RELEASE 06/14/11
Financial Accounting Standards Board Launches New Taxonomy Online Review and
Comment SystemNorwalk, CT, June 14, 2011—The Financial
Accounting Standards Board (FASB) recently launched a new system that provides
greater transparency for users of eXtensible Business Reporting Language (XBRL)
and makes it easier for stakeholders to submit comments on the US GAAP Financial
Reporting Taxonomy. The Taxonomy Online Review and Comment System allows
Taxonomy users to review and provide direct input on the Development Taxonomy
being updated and maintained by the FASB XBRL team.
stakeholders would submit their comments on a “snapshot” of the Development
Taxonomy, with comments reviewed and instituted after a 60-day comment period.
The new Taxonomy Online Review and Comment System allows them to submit their
comments directly, increasing convenience and ease of use. All comments are then
tracked and reviewed for potential inclusion in a subsequent Taxonomy release.
Since the new system is operational throughout the year, users now have the
ability to see the Taxonomy as it evolves and changes in “real time.” It also
offers new search and navigation functions designed to efficiently find the tags
that best meet the SEC’s filer requirements.
“The Taxonomy Online Review
and Comment System provides users greater visibility into proposed Taxonomy
changes and allows users to comment on the Taxonomy in ‘real time,’ making it
more dynamic for both users and the FASB XBRL team,” stated J. Louis Matherne,
FASB chief of taxonomy development. “We urge all XBRL users to take advantage of
the features available through this system, which is designed to improve
functionality and navigation of the Taxonomy.”
The Development Taxonomy
is now available for view.
The Taxonomy Online Review and Comment System will be discussed during the
upcoming FASB webcast, IN FOCUS: How to Use the XBRL 2011 US GAAP Financial
Reporting Taxonomy. This live webcast will take place on Wednesday, June
22, from 1:00 to 2:00 p.m. EDT. Participants in the live broadcast will be
eligible for up to 1 hour of CPE credit offered free of charge. A complete
course description and registration information are available here.
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.