U.S. GAAP Financial Reporting Taxonomy available for 2012

BY KEN TYSIAC

The 2012 U.S. GAAP Financial Reporting Taxonomy, which is awaiting final acceptance by the SEC, has been made available, FASB announced today.

The taxonomy contains updates for accounting standards and includes other changes to the 2011 taxonomy being used by SEC issuers. The taxonomy is a list of computer-readable tags in XBRL that allows companies to tag the pieces of financial data that are included in financial statements and related disclosures.

FASB is responsible for developing and maintaining the taxonomy and issued proposed improvements in the fall. Users were allowed to provide feedback on the updates, and interested parties were given a chance to incorporate new element names for their filings.

Contact details and guidance are available at the SEC’s portal on XBRL.

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

More from the JofA:

 Find us on Facebook  |   Follow us on Twitter  |   View JofA videos

SPONSORED REPORT

Revenue recognition: A complex effort

Implementing the new standard requires careful judgment. Learn how to make significant accounting judgments and document them and collaborate with peers for consistent application.

VIDEO

How to Excel pivot a general ledger

The general ledger is a vast historical data archive of your company's financial activities, including revenue, expenses, adjustments, and account balances. J. Carlton Collins, CPA, shows how to prepare data for, and mine data with, PivotTables.

QUIZ

News quiz: Taking an economic snapshot and looking to the future

Recent news included IRS actions that affect individuals and partnerships and a possibly influential move by a Big Four accounting firm.Take this short quiz to see how much you know about the news.