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.
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