News Release 12/18/14
2015 GAAP FINANCIAL REPORTING TAXONOMY NOW AVAILABLE
Norwalk, CT, December 18, 2014—The Financial Accounting Standards Board (FASB) today announced the availability of the 2015 GAAP Financial Reporting Taxonomy (Taxonomy) pending final acceptance by the U.S. Securities and Exchange Commission (SEC).
The Taxonomy is a list of computer-readable tags in XBRL that allows companies to tag precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures. The tags allow computers to automatically search for, assemble, and process data so it can be readily accessed and analyzed by investors, analysts, journalists, and regulators.
The 2015 GAAP Financial Reporting Taxonomy contains updates for accounting standards and other improvements to the 2014 Taxonomy currently used by SEC issuers. The FASB staff issued proposed improvements to the Taxonomy in the fall, allowing users of the Taxonomy to provide feedback on the updates and to provide SEC filers, service providers, software vendors, and other interested parties the opportunity to become familiar with and incorporate new element names for their filings.
The GAAP 2015 Taxonomy is available here.
Questions about using the Taxonomy for creating and submitting eXtensible Business Reporting Language (XBRL) tagged interactive data files in compliance with SEC rules should be directed to the SEC. SEC contact details and guidance are available at the SEC’s portal on XBRL.
In early 2010, the Financial Accounting Foundation (FAF) assumed maintenance responsibilities for the Taxonomy, and, along with the FASB, assembled a team of technical staff dedicated to updating the Taxonomy for changes in GAAP, identifying best practices in Taxonomy extensions, and incorporating technical enhancements.
If you are interested in learning tips and tools for navigating the Taxonomy to most effectively find the tags you need you are invited to participate in a special live CPE webcast called IN FOCUS: Tips and Tools to Find Taxonomy Tags. Offered free of charge, this special webcast takes place on Thursday, January 8, 2015, from 1:00 to 2:00 p.m. Eastern Standard Time. Participants in the live broadcast will be eligible for up to 1.0 hours of CPE credit. (Please note that CPE credit is not available for group viewing of the live broadcast.) To register or to learn more about the webcast, log on to www.fasb.org.
About the Financial Accounting Foundation
The FAF is responsible for the oversight, administration, and finances of both the FASB and its counterpart for state and local government, the Governmental Accounting Standards Board (GASB). The Foundation is also responsible for selecting the members of both Boards and their respective Advisory Councils.
About the Financial Accounting Standards Board
Since 1973, the Financial Accounting Standards Board has been the designated organization in the private sector for establishing standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially recognized as authoritative by the Securities and Exchange Commission and the American Institute of Certified Public Accountants. Such standards are essential to the efficient functioning of the economy because investors, creditors, auditors, and others rely on credible, transparent, and comparable financial information. For more information about the FASB, visit our website at www.fasb.org.