NEWS RELEASE 01/18/12
U.S. GAAP Financial Reporting Taxonomy Now Available
Norwalk,
CT, January 18, 2012—The Financial Accounting Standards Board (FASB)
today announced the availability of the 2012 U.S. GAAP Financial Reporting
Taxonomy pending final acceptance by the U.S. Securities and Exchange Commission
(SEC). The FASB is responsible for the ongoing development and maintenance of
the taxonomy applicable to public issuers registered with the SEC.
The
2012 U.S. GAAP Financial Reporting Taxonomy contains updates for accounting
standards and other improvements to the 2011 taxonomy currently used by SEC
issuers. The FASB 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 U.S. GAAP 2012 taxonomy is available here.
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.
The U.S. GAAP Financial Reporting 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.
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 U.S. GAAP, identifying best practices in taxonomy extensions, and
technical enhancements.
About the Financial Accounting
Foundation
The FAF is responsible for the oversight,
administration, and finances of both the Financial Accounting Standards Board
and its counterpart for state and local government, the Governmental Accounting
Standards Board. The FAF also is 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.