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FINANCIAL REPORTING

FASB releases proposed 2014 U.S. GAAP taxonomy

 

By Ken Tysiac
August 30, 2013

FASB released its proposed 2014 U.S. GAAP Financial Reporting Taxonomy on Friday.

The taxonomy consists of a list of computer-readable financial reporting labels coded in XBRL. The proposal contains updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the SEC.

Comments on the proposal are due Oct. 31 on FASB’s website, where the proposal is published. FASB plans to complete and publish the 2014 U.S. GAAP taxonomy early next year.

Although FASB’s parent organization, the Financial Accounting Foundation, maintains the taxonomy, questions about using the taxonomy to create and submit XBRL-tagged files in compliance with SEC rules should be directed to the SEC.

FASB will hold a webcast Sept. 10 from 1 to 2:30 p.m. Eastern to provide more information about the proposed 2014 taxonomy.

Ken Tysiac (ktysiac@aicpa.org) is a JofA senior editor.

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