FASB ISSUES INVITATION TO COMMENT ON EFFICIENCY AND EFFECTIVENESS OF GAAP FINANCIAL REPORTING TAXONOMY
Norwalk, CT, May 10, 2017—The Financial Accounting Standards Board (FASB) staff today issued an Invitation to Comment (ITC) designed to allow it to assess the efficiency and effectiveness of the U.S. GAAP Financial Reporting Taxonomy (GAAP Taxonomy).
The ITC, U.S. GAAP Financial Reporting Taxonomy—Efficiency and Effectiveness Review, addresses potential improvements to the usability of the GAAP Taxonomy and to the processes that support taxonomy-related activities. It is intended to obtain feedback from stakeholders at an early stage in the Board’s review of the GAAP Taxonomy. Interested parties are asked to provide input on the ITC by June 15, 2017.
A public roundtable meeting to discuss feedback received on the ITC is scheduled for July 18, 2017. Individuals or organizations wishing to participate in the roundtable meeting should notify the FASB by email at firstname.lastname@example.org and submit their comments by June 15, 2017. Additional information is available in the document.
The FASB staff is responsible for the ongoing development and maintenance of the GAAP Taxonomy, which is applicable to public issuers registered with the SEC. Each year, the GAAP Taxonomy is updated to reflect new Accounting Standards Updates and other enhancements.
The GAAP Taxonomy is a list of computer-readable tags in eXtensible Business Reporting Language (XBRL) format that allows companies to tag precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures. The tags allow computers to automatically search for, assemble, and process data so it can be readily accessed and analyzed by investors, analysts, regulators, and others.
About the Financial Accounting Standards Board
Established in 1973, the FASB is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut, that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP). The FASB is recognized by the Securities and Exchange Commission as the designated accounting standard setter for public companies. FASB standards are recognized as authoritative by many other organizations, including state Boards of Accountancy and the American Institute of CPAs (AICPA). The FASB develops and issues financial accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to investors and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the FASB. For more information, visit www.fasb.org.