U.S. GAAP taxonomy for 2015 available

By Jack Hagel

FASB on Thursday announced the availability of the 2015 GAAP Financial Reporting Taxonomy, pending final acceptance by the SEC.

The taxonomy, which is available at FASB’s website, contains updates for accounting standards and other improvements to the 2014 taxonomy. FASB is responsible for developing and maintaining the taxonomy that is used by public issuers registered with the SEC.

The taxonomy is a list of computer-readable tags in XBRL that allows companies to tag thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures. The tags allow investors, analysts, regulators, and journalists to perform electronic searches and processing of data.

—Jack Hagel ( jhagel@aicpa.org ) is a JofA editorial director.

SPONSORED REPORT

Cybersecurity threats proliferating for midsize and smaller businesses

This report details how SMBs can properly protect private information from breaches, design and implement a cybersecurity policy, and create safeguards for training and education.

QUIZ

Test yourself on these often confused words

The spelling checker on your word processing program can do only so much to flag problems. Your best insurance is to learn the troublesome words that trip up writers and use them correctly by the standards of formal, written English.