The 2014 U.S. GAAP Financial Reporting Taxonomy is available, pending final acceptance by the SEC, FASB announced Wednesday.
The taxonomy, available at FASB’s website, contains updates for accounting standards and other improvements to the 2013 taxonomy. FASB is responsible for developing and maintaining the taxonomy that is used by public issuers registered with the SEC.
Companies can use the taxonomy—which is a list of computer-readable tags in XBRL—to precisely tag data in financial statements and footnote disclosures. The tags allow investors, analysts, regulators, and journalists to perform electronic searches and processing of data.
—Ken Tysiac (firstname.lastname@example.org) is a JofA senior editor.