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.


Taxonomy (XBRL)

What's New—XBRL

FASB Staff Issues Proposed Taxonomy Improvements for a Proposed Accounting Standards Update on Targeted Tranisition Relief for Topic 326, Financial Instruments—Credit Losses and a Proposed Accounting Standards Update on Business Combinations (Topic 805): Revenue from Contracts with Customers—Recognizing an Assumed Liability (February 14, 2019)
FASB Staff Issues Proposed Taxonomy Improvements for a Proposed Accounting Standards Update on Intangibles, Business Combinations, and Not-for-Profit Entities and a Proposed Accounting Standards Update on Codification Improvements for Lessors (December 20, 2018)
2019 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy Now Available (December 18, 2018)
FASB Staff Issues Proposed Taxonomy Improvements for Proposed Accounting Standards Update—Codification Improvements—Financial Instruments (November 27, 2018)
FASB Staff Issues Proposed Taxonomy Improvements for Proposed Accounting Standards Update—Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350): Improvements to Accounting for Costs of Films and License Agreements for Program Materials (a consensus of the FASB Emerging Issues Task Force) (November 8, 2018)
FASB Staff Issues Proposed Taxonomy Implementation Guide, Financing Receivable and Current Expected Credit Loss Disclosures and Proposed Taxonomy Improvements for Proposed Accounting Standards, Debt Topic (470): Simplifying the Classification of Debt in a Classified Balance Sheet (Current versus Noncurrent) (October 12, 2018)
FASB Staff Issues Proposed Taxonomy Improvements for Accounting Standards Update No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (September 21, 2018)
FASB Staff Issues Proposed Technical and Other Conforming Improvements for the 2019 US GAAP Financial Reporting Taxonomy and 2019 SEC Reporting Taxonomy (September 13, 2018)
FASB Staff Issues Proposed Taxonomy Improvements on Fair Value Measurement Disclosure Requirements and Credit Losses and Proposed Taxonomy Implementation Guide on Insurance, Long-Duration Contracts (August 31, 2018)
FASB Staff Issues Proposed Taxonomy Improvements for Accounting Standards Update No. 2018-12, Financial Services—Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts, and Proposed Accounting Standards Update, Leases (Topic 842): Narrow Scope Improvements for Lessors (August 17, 2018)
SEC Accepts 2018 GAAP Financial Reporting Taxonomy (March 19, 2018)
Video: The XBRL Data User Perspective
Video: The GAAP Taxonomy: Why It’s Important