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.

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