GAAP Financial Reporting Taxonomy Now Available for Public Review and Comment
The Financial Accounting Standards Board (FASB) today released the proposed 2012 U.S. GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is October 31, 2011.
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 regulators.
The proposed 2012 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.
The 2012 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and published in early 2012.
The proposed 2012 U.S. GAAP taxonomy and instructions on how to submit comments are available at the FASB’s XBRL page.
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 theSEC’s portal on XBRL.
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 U.S. GAAP, identifying best practices in taxonomy extensions, and technical enhancements.