The Financial Accounting Standards Board has published a draft version of the proposed 2017 U.S. GAAP financial reporting taxonomy, along with the related release notes.

FASB and the Securities and Exchange Commission are encouraging the public to review the draft taxonomy and submit comments for improving it. The taxonomy uses Extensible Business Reporting Language, or XBRL, which the SEC is now requiring public companies to use when submitting their financial filings. XBRL uses a data-tagging format that is supposed to make it easier for financial analysts and investors to compare financial performance across companies and industries.

The draft 2017 updates to the U.S. GAAP and other SEC taxonomies are available here. Comments on the draft 2017 updates should be emailed to using "Draft 2017 SEC Taxonomies" in the subject line of the email, by Oct. 31, 2016.

Once the public comment period ends and all the feedback is considered, the final taxonomies will be subject to SEC approval.

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