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)
- 2019 US GAAP Financial Reporting Taxonomy
- 2019 SEC Reporting Taxonomy
- 2018 US GAAP Financial Reporting Taxonomy
- 2018 SEC Reporting Taxonomy
- DEVELOPMENT US GAAP Financial Reporting Taxonomy
- DEVELOPMENT SEC Reporting Taxonomy
- Current Taxonomy Projects
- Proposed Taxonomy Improvements
- Taxonomy Improvements (pending Annual Updates)
- Implementation and Style Guides
- Frequently Asked Questions on US GAAP Financial Reporting Taxonomy (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
SEC Announces EDGAR System Upgrade: 2017 GAAP Taxonomy No Longer Supported (June 12, 2019)FASB Adds Taxonomy Entry Points to Address FAST Act Updates in the 2019 DEI Taxonomy (June 11, 2019)
FASB Staff Issues Proposed Taxonomy Improvements for a Proposed Accounting Standards Update on Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative and for a Proposed Accounting Standards Update Simplifying the Accounting for Income Taxes (Topic 740) (May 23, 2019)
FASB Staff Issues Proposed Taxonomy Improvements for a Proposed Accounting Standards Update (Revised), Income Taxes (Topic 740): Disclosure Framework—Changes to the Disclosure Requirement for Income Taxes, for Comment and Incorporates Taxonomy Improvements for Final Accounting Standards into the Development Taxonomy (April 30, 2019)
SEC Accepts 2019 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy (March 12, 2019)
FASB Staff Issues Update to Frequently Asked Questions about the U.S. GAAP Financial Reporting Taxonomy and a Final Taxonomy Implementation Guide on Financial Instruments—Debt Securities (March 6, 2019)
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)
Video: The XBRL Data User Perspective
Video: The GAAP Taxonomy: Why It’s Important