News Column

FASB Issues 2015 GAAP Financial Reporting Taxonomy for Public Review

September 4, 2014

The Financial Accounting Standards Board (FASB) has released the proposed 2015 GAAP Financial Reporting Taxonomy for public review and comment.

In its release on Aug. 29, the FASB said the deadline to submit written comments is Oct. 31.

The FASB noted that 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.

FASB said 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).

According to the FASB, 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.

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.

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

The FASB is a designated organization in the private sector for establishing standards of financial accounting and reporting.

More information and complete details:

www.fasb.org

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