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2015 US GAAP Financial Reporting Taxonomy Adopted by the SEC

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Mar 10th 2015
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The US Securities and Exchange Commission (SEC) has adopted the 2015 US GAAP Financial Reporting Taxonomy, effective immediately, the Financial Accounting Standards Board (FASB) said on Monday.

The 2015 taxonomy, which was proposed by the FASB last August, 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 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 taxonomy is used by public issuers that are registered with the SEC.

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.

Related article:

Comment Period Opens for Proposed 2015 GAAP Taxonomy

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