U.S. GAAP Financial Reporting Taxonomy available for 2012

BY KEN TYSIAC

The 2012 U.S. GAAP Financial Reporting Taxonomy, which is awaiting final acceptance by the SEC, has been made available, FASB announced today.

The taxonomy contains updates for accounting standards and includes other changes to the 2011 taxonomy being used by SEC issuers. The taxonomy is a list of computer-readable tags in XBRL that allows companies to tag the pieces of financial data that are included in financial statements and related disclosures.

FASB is responsible for developing and maintaining the taxonomy and issued proposed improvements in the fall. Users were allowed to provide feedback on the updates, and interested parties were given a chance to incorporate new element names for their filings.

Contact details and guidance are available at the SEC’s portal on XBRL.

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

More from the JofA:

 Find us on Facebook  |   Follow us on Twitter  |   View JofA videos

SPONSORED REPORT

Why cybercriminals are targeting CPAs

This free report expands on the most commonly found scams, why education and specialized IT knowledge help to lessen security vulnerabilities, and why every firm should plan carefully for how it would respond to a breach.

PODCAST

How tax reform — and Excel — are changing the CPA Exam

Mike Decker, the vice president of examinations at the AICPA, discusses changes being made to the exam as a result of tax reform — and about how Excel will now be available for use on the test.