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

Post-busy season checklist

Now that tax season is over, pause for some introspection to guarantee that next year’s busy season is even better. Bonus: “Dirty dozen” scams list to share with your clients. Sponsored by Thomson Reuters, Bloomberg BNA, Bloomberg BNA // Software and Wolters Kluwer.

QUIZ

News quiz: Risks are top of mind in finance

Americans are worried about risks to their financial security. Accountants also see risks to their organizations and their careers. See how much you know about recent news and reports 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.