NEWS RELEASE 08/30/12
2013 U.S. GAAP Financial Reporting Taxonomy Now Available for Public Review
and CommentNorwalk, CT, August 30, 2012—The Financial
Accounting Standards Board (FASB) today released the proposed 2013 U.S. GAAP
Financial Reporting Taxonomy for public review and comment. The deadline to
submit written comments is October 29, 2012.
The taxonomy 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, and
The proposed 2013 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.
2013 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and
published in early 2013.
The proposed 2013 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.
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 technical