FASB Issues 2014 US GAAP Financial Reporting Taxonomy

The Financial Accounting Standards Board has released the proposed 2014 US generally accepted accounting principles (GAAP) financial reporting taxonomy for public review and comment, with a 31 October 2013 deadline set for the submission of written comments.

The taxonomy is a list of computer-readable financial reporting labels coded in eXtensible business reporting language (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 it can be readily accessed and analysed.

The proposed 2014 US GAAP 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 Securities and Exchange Commission (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 2014 US GAAP financial reporting taxonomy is expected to be finalised and published early next year.

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