FASB Launches New Taxonomy Online Review and Comment System
Norwalk, 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.
Previously, 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.
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.