The Financial Accounting Standards Board released the proposed 2016 GAAP Financial Reporting Taxonomy for public review and comment Tuesday.
The proposed 2016 taxonomy contains updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the Securities and Exchange Commission to file their financial statements using the interactive data-tagging technlogy known as Extensible Business Reporting Language, or XBRL.
The deadline to submit written comments is Oct. 31, 2015. The 60-day comment period will allow users of the taxonomy to provide feedback on the latest updates. It also is intended to give 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.
Those interested in learning more about the proposed 2016 GAAP Financial Reporting Taxonomy are invited to participate in a live CPE webinar called "In Focus: Proposed 2016 GAAP Financial Reporting Taxonomy Changes, Simplification, Filer Counts, and Context Sensitive Guidance."
The free webinar takes place on Tuesday, Sept. 22, 2015, from 1:00 to 2:15 p.m. ET. Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit. (The CPE credit is not available for group viewing of the live broadcast.) To register or to learn more about the webcast, log on to www.fasb.org.
The 2016 GAAP Financial Reporting Taxonomy is expected to be accepted as final by the SEC in early 2016. The proposed 2016 GAAP Taxonomy and instructions on how to submit comments are available at FASB’s XBRL page.
Questions about using the 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.
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