The Financial Accounting Foundation (FAF) has made available the proposed 2011 US GAAP Financial Reporting Taxonomy for public review and comment. The FAF is responsible for the ongoing maintenance of the taxonomy applicable to public issuers registered with the US Securities and Exchange Commission (SEC). The deadline to submit written comments is 30 October 2010.
The proposed 2011 US GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements to the official taxonomy currently in use by SEC issuers. The 60-day comment period is intended to solicit feedback on these updates from users of the taxonomy and to provide SEC filers, service providers, software vendors, and other interested parties the opportunity to become familiar with and incorporate new element names for current filings.
The final version of the 2011 US GAAP Financial Reporting Taxonomy is expected to be finalised and published in early 2011.
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