The Financial Accounting Standards Board has released the 2017 GAAP Financial Reporting Taxonomy, although final acceptance by the Securities and Exchange Commission is still pending.

The GAAP Financial Reporting Taxonomy includes updates for accounting standards and other improvements to the official taxonomy already in use by SEC filers. It is built around a set of computer-readable tags in eXtensible Business Reporting Language, or XBRL, format, enabling companies to tag thousands of pieces of data from financial statements and footnote disclosures. Investors, financial analysts, regulators and journalists can use the tags to search by computer for trends in the data.

The taxonomy is available for download here

Accounting and analysis with laptop and calculator
Image: Adobe Stock

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Michael Cohn

Michael Cohn

Michael Cohn, editor-in-chief of AccountingToday.com, has been covering business and technology for a variety of publications since 1985.