FAF/FASB Taxonomy Role
In 2010, the Financial Accounting Foundation (FAF) and the Financial Accounting Standards Board (FASB) assumed ongoing development and maintenance responsibilities for the US GAAP Financial Reporting Taxonomy (Taxonomy), which was originally developed by XBRL US, Inc. under contract to the U.S. Securities and Exchange Commission (SEC). In 2009, the SEC issued rules requiring public companies and foreign private issuers that prepare their financial statements in accordance with US GAAP to phase in use of the Taxonomy. Under these rules, companies will tag and submit their financial statements and related notes to the SEC using the Taxonomy.
A key objective for moving the Taxonomy development and maintenance responsibilities to the FAF and the FASB is to achieve greater integration with the FASB’s standard-setting, codification, and related processes. FASB cross-team efforts are furthering this outcome.
The FAF/FASB activities are focused on updating the Taxonomy for changes in US GAAP, identifying common reporting practices in filer taxonomy extensions, and other technical enhancements. The Taxonomy team works closely with the staff of the SEC, the staff of the International Accounting Standards Board (IASB), XBRL US, Inc., investors, issuers, accounting firms, and other stakeholders to develop updates that are of the highest quality.
A key objective for moving the Taxonomy development and maintenance responsibilities to the FAF and the FASB is to achieve greater integration with the FASB’s standard-setting, codification, and related processes. FASB cross-team efforts are furthering this outcome.
The FAF/FASB activities are focused on updating the Taxonomy for changes in US GAAP, identifying common reporting practices in filer taxonomy extensions, and other technical enhancements. The Taxonomy team works closely with the staff of the SEC, the staff of the International Accounting Standards Board (IASB), XBRL US, Inc., investors, issuers, accounting firms, and other stakeholders to develop updates that are of the highest quality.
Taxonomy (XBRL)
- 2020 US GAAP Financial Reporting Taxonomy
- 2020 SEC Reporting Taxonomy
- 2019 US GAAP Financial Reporting Taxonomy
- 2019 SEC Reporting Taxonomy
- DEVELOPMENT US GAAP Financial Reporting Taxonomy
- DEVELOPMENT SEC Reporting Taxonomy
- Proposed Taxonomy Improvements
- Taxonomy Improvements (pending Annual Updates)
- Taxonomy Implementation Guides
- Taxonomy Frequently Asked Questions (FAQ)
- Taxonomy Advisory Group (TAG)
- Site Map
- XBRL Industry Resource Group
- Dimension Modeling Working Group (DWG)
- Taxonomy Annual Update Process
- Comment Letters
- Additional Projects and Resources
- FAF/FASB Taxonomy Role
- About XBRL
What's New—XBRL
FASB Staff Issues for Comment Proposed Taxonomy Implementation Guide on Extensible Lists and Proposed Taxonomy Improvements for a Proposed Accounting Standards Update, Financial Services—Insurance (Topic 944): Effective Date and Early Application and Other Taxonomy Implementation Guides as Final (July 27, 2020)SEC Announces EDGAR System Upgrade: 2018 GAAP Taxonomy No Longer Supported (June 30, 2020)
FASB Issues Taxonomy Staff Q&A Document on How to Apply the Taxonomy to COVID-19 Pandemic and Relief Disclosures (June 22, 2020)
FASB Staff Issues Proposed Taxonomy Improvements for a Proposed Accounting Standards Update, Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842): Effective Dates for Certain Entities (April 22, 2020)
2020 Taxonomy Implementation Guides Now Available (March 18, 2020)
SEC Accepts 2020 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy (March 10, 2020)
Registration Opens for April 2, 2020 FASB Webcast: In FOCUS:2020 GAAP and SEC Reporting Taxonomy Improvements and SEC Update February 19, 2020)
FASB Staff Issues Proposed Taxonomy Improvements for a Proposed Accounting Standards Update, Codification Improvements (December 4, 2019)
FASB Staff Issues Proposed Taxonomy Improvements for a Proposed Accounting Standards Update, Derivatives and Hedging (Topic 815): Codification Improvements to Hedge Accounting (November 13, 2019)
Video: The XBRL Data User Perspective
Video: The GAAP Taxonomy: Why It’s Important