DEVELOPMENT US GAAP Financial Reporting
Public Review and CommentThe Development US GAAP Financial Reporting Taxonomy (Development Taxonomy) is the FASB’s day-to-day working taxonomy and includes proposed improvements since the last annual release.
We encourage all interested parties to review and comment on the ‘Development Taxonomy’. To encourage feedback, the FASB Taxonomy Online Review and Comment System (TORCS) is operational throughout the year. All comments are tracked and reviewed for potential inclusion in a subsequent taxonomy release. All comments are acknowledged when received but it is not possible to respond directly to individual comments. We have included guidance for using the taxonomy viewer/commenting tool.
Guidelines for Providing CommentsIndividuals providing comments on the taxonomies are required to register with a “user name” and email address. Please note that all comments will be visible to other registered users. In order to process comments, commentators should (1) describe the issue clearly, (2) provide examples and/or frequency of occurrence, and (3) provide a recommendation.
Please note: Individuals submitting more than 10 comments related to the same issue should not use this system as it delays the processing of the comments. Individuals who wish to provide more than 10 comments related to the same issue should send them directly to email@example.com.
Improvements to the Development Taxonomy are identified by a Change Note (CN). The CN identifies the year-month of the improvement in the Change Date part (cn-part:ChangeDate). For example, “2017-05,” refers to an improvement made in May 2017 and identifies the nature of the improvement with the following (parts have added spaces in this document to assist in readability):
- Taxonomy Version: identifies in which version of the Taxonomy the improvement was made.
- Change Date: identifies the year and month the improvement was made in the Taxonomy.
- Modified References: identifies by value of true that the improvement applies to a reference.
- Modified Labels: identifies whether the improvement applies to a Standard, Period Start, Period End, or Total label.
- Source: identifies whether an improvement note is based on an ASU, topical project, or other sources.
- Source Name: identifies which ASU or TIG an element is related.
- Source ASU Number: identifies the number of the ASU on which the improvement is based.
- New Element: identifies by value of true that the improvement is because of the addition of an element.
- Modified Documentation: identifies by value of true that the improvement applies to a documentation label (definition).
- Previous Documentation: identifies the previous documentation label when the improvement applies to a documentation label (definition).
- Deprecated Date: identifies the date when the element is deprecated.
- Deprecated Label: identifies the reason for the deprecation and possible replacement elements, if applicable.
- Element Deprecated: identifies by value of true that the improvement applies to deprecation of an element.
- Modified Deprecated Label: identifies by value of true that the improvement applies to a change in a deprecation label.
- Modified Balance Type: identifies by value of true that the improvement applies to a balance type
The Development Taxonomy includes all proposed improvements since the last annual release except for certain proposed ASU improvements, which are managed separately as Proposed Taxonomy Improvements. See Proposed Taxonomy Improvements Page. Proposed Taxonomy Improvements are merged into the Development Taxonomy at the later of a completed public review period or the anticipated annual taxonomy release that covers the ASU effective date. Periodic release notes will be provided for the Development Taxonomy as a “snapshot” of improvements since the last periodic release notes.
THE TAXONOMIES AND SUPPORTING MATERIALS PROVIDED THROUGH THESE LINKS ARE FOR REVIEW PURPOSES ONLY AND ARE NOT TO BE USED OR RELIED UPON FOR ANY PURPOSES OTHER THAN FOR THIS REVIEW AND COMMENT. YOUR USE OF THE TAXONOMIES FOR THESE PURPOSES SHALL BE SUBJECT TO THE TERMS AND CONDITIONS LOCATED AT THE INITIAL LINK TO THE TAXONOMIES.