The Financial Accounting Standards Board has released a proposed 2015 GAAP Financial Reporting Taxonomy for public review and comment, containing computer-readable financial reporting labels coded in Extensible Business Reporting Language, or XBRL.
XBRL is an open-source computer language that allows companies to tag the thousands of pieces of financial data included in typical long-form financial statements and related footnote disclosures. The tags are supposed to allow users of financial statements to electronically search for, assemble and process data so the data can be accessed and analyzed by investors, analysts, journalists and regulators, although problems with the tagging have frequently hampered such efforts.
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.
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 deadline to submit written comments on the proposed taxonomy is Oct. 31, 2014. 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.
FASB noted that questions about using this taxonomy for creating and submitting 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.
In early 2010, the Financial Accounting Foundation, the parent organization to both FASB and the Governmental Accounting Standards Board, took over maintenance responsibilities for the taxonomy. The FAF and 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.
Those interested in learning more about the 2015 GAAP Financial Reporting Taxonomy are invited to participate in a live CPE webcast called IN FOCUS: Proposed 2015 GAAP Financial Reporting Taxonomy, ASU Taxonomy Changes, Taxonomy Implementation Guides, Taxonomy Simplification. Offered free of charge, the webcast takes place on Tuesday, September 9, 2014, from 1:00 to 2:30 p.m. Eastern Daylight Time.
Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit. (Please note that CPE credit is not available for group viewing of the live broadcast.) To register or to learn more about the webcast, visit www.fasb.org.