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

How the election may affect taxation of business income

This report summarizes recent proposals to reform the U.S. business income tax system and considers the path to enactment of any such legislation.

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

Did you follow 2016’s biggest accounting news?

CPAs will remember 2016 as a year of new standards and new faces. How well did you follow the biggest accounting events? The 7 questions in this quiz will help you find out