The Financial Accounting Standards Board has released the 2014 U.S. GAAP Financial Reporting Taxonomy.
The new release, which is pending final acceptance by the Securities and Exchange Commission, contains updates for accounting standards and other improvements to the 2013 taxonomy, which is currently in use by SEC filers.
The taxonomy is a list of computer-readable tags in Extensible Business Reporting Language, or XBRL, that allow companies to precisely tag specific pieces of financial data included in typical long-form financial statements.
FASB had proposed improvements in the fall, gathering user feedback and giving SEC filers, service providers, software vendors and others time to become familiar with the new element names.
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