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FINANCIAL REPORTING

FASB releases proposed 2013 U.S. GAAP taxonomy for comment

 

August 31, 2012

FASB released Thursday the proposed 2013 U.S. GAAP Financial Reporting Taxonomy for public review and comment.

The taxonomy is a list of computer-readable financial reporting labels coded in XBRL, a computer language that allows companies to tag the pieces of financial data included in typical long-form financial statements and related footnote disclosures.

Financial statement users can use the tags to electronically search for particular data that fit their needs and interests.

Updates for accounting standards and other recommended improvements to the official taxonomy are contained in the proposed taxonomy for 2013, which public issuers registered with the SEC are required to use.

The deadline to submit written comments on the taxonomy is Oct. 29; the taxonomy is scheduled to be published in early 2013. The proposed taxonomy and instructions on how to submit comments are available at FASB’s XBRL page.

Guidance on using the XBRL taxonomy to create and submit XBRL-tagged files in compliance with SEC rules can be found on the SEC’s website.

—From JofA staff reports

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