US GAAP Financial Reporting Taxonomy Green-Lighted by SEC
By Jason Bramwell
Summary of Major Changes
The 2013 US GAAP Financial Reporting Taxonomy update has been revised to accommodate common reporting practices and changes in generally accepted accounting principles (GAAP). It has also been updated to incorporate new modeling within the taxonomy. The following is a list of major changes in the 2013 update:
- Removed references superseded by the codification.
- Removed non-GAAP references that are no longer maintained.
- Remodeled the segment disclosure area to provide flexibility and accommodate varying reporting practices while promoting consistency.
- Remodeled certain areas related to the insurance industry to promote clarity and consistency.
- Rationalized elements related to notional disclosures.
- Remodeled the disclosure for unrecognized deferred taxes to eliminate redundancy.
- Added elements to accommodate period ranges for aging of exploratory well costs and debt redemption periods.
- Remodeled the disclosure of other operating income and expense to eliminate redundancies.
- Removed elements related to business combination disclosures that are no longer applicable.
- Removed 2009 US GAAP Financial Reporting Taxonomy deprecated elements that are no longer supported.
- US GAAP Financial Reporting Taxonomy Now Available
- FASB Adds Three Implementation Guides to XBRL Series
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