U.S. GAAP taxonomy for 2014 available

BY KEN TYSIAC

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

SPONSORED REPORT

Questions to ask before committing to the cloud

Cloud computing has its pros and cons. In this report, we answer common questions CPAs may have as they consider transitioning partially or fully to the cloud.

QUIZ

News quiz: IRS reopens an online service, but criticism endures

The IRS brings back the Get Transcript Online service, but the agency faces criticism for its handling of the aftermath of the event that led to the shutdown of the service. See how much you know about other recent news with this quiz.

CHECKLIST

Auditing risks in culture

Cultural flaws can seriously damage an organization. Here’s how internal auditors can reduce risks by embedding culture audits into existing audit programs.