SEC Adopts 2011 U.S. GAAP Taxonomy; PCAOB Investor Adv. Group To Meet
Recent developments on the public company financial reporting, auditing and regulatory front include the March 1 announcement by the Financial Accounting Foundation that the U.S. Securities and Exchange Commission's has adopted the 2011 U.S. GAAP Taxonomy developed by the FAF. The GAAP taxonomy refers to the interactive tags used for purposes of submitting certain required financial information to the SEC (or for other purposes) as interactive data by using eXtensible Business Reporting Language or XBRL. See the FAF's press release. Additional information about SEC XBRL reporting requirements can be found on the SEC's XBRL portal.
Separately, the U.S. Public Company Accounting Oversight Board recently announced that it will hold its next Investory Advisory Group meeting on March 16. According to the PCAOB's press release, matters to be addressed by the IAG include: audit lessons to be drawn from the financial crisis, possible amendments to the auditor's report, and the implications of global networks for audit firm governance.