The Financial Accounting Standards Board (FASB) has released the proposed 2012 US GAAP Financial Reporting Taxonomy for public review and comment. The deadline to submit written comments is 31 October 2011.
The taxonomy is a list of computer-readable financial reporting labels coded in XBRL, an open-source computer language that allows companies to tag precisely the thousands of pieces of financial data included in typical long-form financial statements and related footnote disclosures. The tags allow users of financial statements to electronically search for, assemble, and process data so that the data can be readily accessed and analysed by investors, analysts, journalists, and regulators.
The proposed 2012 US GAAP Financial Reporting Taxonomy contains updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the US Securities and Exchange Commission (SEC). 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 with the opportunity to become familiar with and suggest revisions to the taxonomy, including incorporating new elements for current filings.
The 2012 US GAAP Financial Reporting Taxonomy is expected to be finalised and published in early 2012.
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