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)
- 2021 US GAAP Financial Reporting Taxonomy
- 2021 SEC Reporting Taxonomy
- DEVELOPMENT US GAAP Financial Reporting Taxonomy
- DEVELOPMENT SEC Reporting Taxonomy
- FASB XBRL US DQC Rules Taxonomy
- 2020 US GAAP Financial Reporting Taxonomy
- 2020 SEC Reporting Taxonomy
- Proposed GAAP Taxonomy Improvements
- GAAP Taxonomy Improvements (pending Annual Updates)
- Taxonomy Implementation Guides
- GAAP Taxonomy Frequently Asked Questions (FAQ)
- Taxonomy Advisory Group (TAG)
- Extensible Enumerations 2.0
- Site Map
- XBRL Industry Resource Group
- Dimension Modeling Working Group (DWG)
- Taxonomy Annual Update Process
- Comment Letters
- Academics Use of XBRL Data
- Additional Projects and Resources
- FAF/FASB Taxonomy Role
- About XBRL
What's New—XBRL
FASB Staff Issues Proposed Taxonomy Improvements for a Proposed Accounting Standards Update on Derivatives and Hedging (Topic 815)—Fair Value Hedging—Portfolio Layer Method (May 7, 2021)SEC Accepts 2021 GAAP Financial Reporting Taxonomy and SEC Reporting Taxonomy (March 23, 2021)
XBRL Resources for Academics and Filers on FASB Website (March 10, 2021)
Registration Opens for April 6, 2021 FASB Webcast: IN FOCUS: 2021 GAAP and SEC Reporting Taxonomy Improvements and SEC Update (March 8, 2021)
FASB Issues Taxonomy Staff Q&A Document on How to Apply the Taxonomy to COVID-19 Pandemic and Relief Disclosures (June 22, 2020)
Video: The XBRL Data User Perspective
Video: The GAAP Taxonomy: Why It’s Important