On December 18, the Financial Accounting Standards Board (FASB) announced it has published a final version of the 2014 US GAAP taxonomy to be used for reporting in eXtensible Business Reporting Language (XBRL), such as for purposes of XBRL reporting requirements under the SEC's rules. As noted in the FASB's announcement, the taxonomy is still pending the SEC's approval.
FASB's final 2014 US GAAP XBRL taxonomy represents the finalization of its earlier proposed taxonomy issued for public comment in October 2013. The proposed taxonomy was also reflected on the SEC's "proposed taxonomy" web page; and once the FASB's final 2014 taxonomy is approved by the SEC, it will be reflected on the SEC's standard taxonomy web page as the final 2014 taxonomy.
Recent Research Reports on XBRL
FEI's research affiliate – the Financial Executives Research Foundation (FERF) – recently published two research reports relating to the use of XBRL:
- Challenges with XBRL (Author: Leena Roselli, senior manager, FERF; report sponsored by R.R. Donnelly)
- Data Mining with XBRL (Author, Leena Roselli, senior manager, FERF)
Learn more about how you can participate in suggesting practical research topics to FERF and how your company can get involved in sponsoring practical research of interest to senior-level financial executives, by reading highlights from the latest issue of FERF Focus in the FERF Research Blog, authored by Tom Thompson.
About the author:
Edith Orenstein is the director of Accounting Policy Analysis & Communications at Financial Executives International (FEI), an association of over 15,000 senior financial executives including CFOs, treasurers, controllers, and tax executives. Before joining FEI in 2004, Orenstein spent four years in the Office of the Chief Accountant of the US Securities and Exchange Commission in Washington, DC.