The Financial Accounting Standards Board (FASB) on Sept. 1 released its proposed 2017 GAAP Financial Reporting Taxonomy for public comment.
The 2017 taxonomy, which the US Securities and Exchange Commission (SEC) is expected to accept as final early next year, contains updates for accounting standards and other recommended improvements.
“For the proposed 2017 taxonomy update, stability continues as a critical consideration with simplification efforts focused on structural design changes and topical project reviews,” a FASB Release Notes document on the taxonomy states. “There are a number of new elements to accommodate significant ASUs [Accounting Standards Updates] and the first phase of the project to simplify the retirement benefits topic led to a number of targeted changes.”
Comments on the proposed 2017 taxonomy are due by Oct. 31. Instructions on how to submit comments can be found here.
The taxonomy, a list of computer-readable financial reporting tags coded in eXtensible Business Reporting Language (XBRL), is used by public issuers registered with the SEC.
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 60-day comment period is intended to allow users of the taxonomy to provide feedback on these updates. It also is intended to afford SEC filers, service providers, software vendors, and other interested parties the opportunity to become familiar with and suggest revisions to the taxonomy, including incorporating new elements for current filings.
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.
About Jason Bramwell
Jason Bramwell is a staff writer and editor for AccountingWEB. He has nearly 20 years of experience in print and online media as a journalist and editor.