SEC Adopts US GAAP Financial Reporting Taxonomy

Monday, April 30, 2012 Print Email

The FAF and FASB have announced that the SEC has adopted the non-governmental 2012 US GAAP Financial Reporting Taxonomy (Taxonomy). The FAF and the FASB are responsible for the ongoing maintenance of the Taxonomy applicable to public issuers registered with the SEC.

The 2012 Taxonomy contains updates for accounting standards and other improvements to the official Taxonomy previously in use by SEC issuers. 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.

The 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.

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