FASB Launches XBRL Taxonomy Online Review and Comment System


FASB launched a new online system that makes it easier for stakeholders to review and provide input to its team on XBRL development taxonomy.

 

The Taxonomy Online Review and Comment System enables organizations and individuals to submit comments directly to FASB, increasing convenience and ease of use. All comments are tracked and reviewed for potential inclusion in a subsequent taxonomy release, according to FASB. The system also offers new search and navigation functions designed to efficiently find the tags that best meet the SEC’s filer requirements.

 

Previously, stakeholders would submit comments on a “snapshot” of the development taxonomy, with comments reviewed and instituted after a 60-day comment period.

 

“The Taxonomy Online Review and Comment System provides users greater visibility into proposed taxonomy changes and allows users to comment on taxonomy in ‘real time,’ making it more dynamic for both users and the FASB XBRL team,” said J. Louis Matherne, FASB’s chief of taxonomy development, in a news release. “We urge all XBRL users to take advantage of the features available through this system, which is designed to improve functionality and navigation of the taxonomy.”

 

The development taxonomy is now available for view.

 

For more information on XBRL filing, see the final rule on the SEC’s website, visit xbrl.org/us or see the EDGAR Filer Manual.

 

For additional resources, visit the AICPA’s XBRL resource center. This site includes links to additional articles, webcasts, events and other helpful information.

 

SPONSORED REPORT

Tax reform complicates year-end tax planning

Get your clients ready for tax season with these year-end tax planning strategies, which address how to make the most of recent tax law changes, such as the new deduction for qualified business income and the cap on the deductibility of state and local taxes.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.