Proposed 2014 US GAAP Taxonomy Ready for Public Review

By Jason Bramwell
 
Individuals interested in reviewing the proposed 2014 US Generally Accepted Accounting Principles (GAAP) taxonomy from the Financial Accounting Standards Board (FASB) have until October 31 to submit their written comments.
 
The proposed 2014 US GAAP Financial Reporting Taxonomy, which was released by the FASB on August 30, contains updates for accounting standards and other recommended improvements to the official taxonomy, which is a list of computer-readable financial reporting labels coded in eXtensible Business Reporting Language (XBRL). 
 
XBRL is 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 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 taxonomy is used by public issuers that are registered with the US Securities and Exchange Commission (SEC).
 

2014 Taxonomy Webcast

Those interested in learning more about the proposed 2014 US GAAP Financial Reporting Taxonomy are invited to participate in a live CPE webcast from the FASB called "IN FOCUS: Proposed 2014 US GAAP Financial Reporting Taxonomy, ASU Taxonomy Changes, XBRL Implementation Guides, and Revised Calculation Hierarchy."
 
This free webcast will take place from 1:00 to 2:30 p.m. ET on September 10.
 
Participants will be eligible for up to 1.5 hours of CPE credit; however, CPE credit is not available for group viewing of the live broadcast.
 
The sixty-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.
 
Instructions on how to submit comments are available on the FASB website.
 
The proposed 2014 US GAAP Financial Reporting Taxonomy is expected to be finalized and published in early 2014. Questions about using this taxonomy for creating and submitting XBRL-tagged interactive data files in compliance with SEC rules should be directed to the SEC. More details and guidance are available on the SEC's portal on XBRL.
 
In early 2010, the Financial Accounting Foundation (FAF), parent organization to the FASB and the Governmental Accounting Standards Board (GASB), assumed maintenance responsibilities for the taxonomy. The FAF and the FASB assembled a team of technical staff dedicated to updating the taxonomy for changes in US GAAP, identifying best practices in taxonomy extensions, and technical enhancements.
 
The 2013 US GAAP Financial Reporting Taxonomy went into effect May 20 after it was approved by the SEC.
 
Related articles:
 
 

You may like these other stories...

Exclusive: Lois Lerner breaks silenceIn her first press interview since the IRS Tea Party targeting scandal broke 16 months ago, ex-agency official Lois Lerner told Politico that employers won’t hire her, she’s...
Cybersecurity is no longer the domain of an organization's IT staff. It's moved to the boardroom, and in a big way. Accountants and financial managers may have been thinking it's just the province of the tech...
Boehner addresses GOP priorities ahead of midterm electionsHouse Speaker John Boehner (R-OH) on Thursday delivered what amounted to closing arguments ahead of the November elections, laying out a list of Republican...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.