The Financial Accounting Standards Board has released the latest version of the U.S. GAAP Taxonomy using the data-tagging technology, XBRL, or Extensible Business Reporting Language, which the Securities and Exchange Commission now requires public companies to use with their financial statement filings.
The proposed 2014 U.S. GAAP Financial Reporting Taxonomy is open for public review and comment until Oct. 31, 2013.
The taxonomy contains a list of computer-readable financial reporting labels coded in XBRL, an open-source computer language that allows companies to tag precisely the thousands of pieces of financial data included in typical long-form financial statements and related footnote disclosures. The tags allow users of financial statements to electronically search for, assemble, and process data so that the data can be readily accessed and analyzed by investors, analysts, journalists, and regulators.
The proposed 2014 U.S. GAAP Financial Reporting Taxonomy includes updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the SEC. The 60-day comment period is intended to solicit feedback on these updates from users of the taxonomy and to provide SEC filers, service providers, software vendors and other interested parties with the opportunity to become familiar with and suggest revisions to the taxonomy, including incorporating new elements for current filings.
The 2014 U.S. GAAP Financial Reporting Taxonomy is expected to be finalized and published in early 2014. The proposed 2014 U.S. GAAP taxonomy and instructions on how to submit comments are available at the FASB’s XBRL page.
Questions about using the taxonomy for 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.
The Financial Accounting Foundation, which oversees both FASB and the Governmental Accounting Standards Board, assumed maintenance responsibilities for the taxonomy from XBRL US in 2010. The FAF and FASB assembled a team of technical staff dedicated to updating the taxonomy for changes in U.S. GAAP, identifying best practices in taxonomy extensions, and technical enhancements.
Those interested in learning more about the proposed 2014 taxonomy are invited to participate in a live CPE webcast called IN FOCUS: Proposed 2014 U.S. GAAP Financial Reporting Taxonomy, ASU Taxonomy Changes, XBRL Implementation Guides, and Revised Calculation Hierarchy. Offered free of charge, the webcast takes place on Tuesday, September 10, 2013, from 1:00 to 2:30 p.m. Eastern Time.
Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit (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.
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