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FASB releases proposed 2014 U.S. GAAP taxonomy

BY KEN TYSIAC

Please note: This item is from our archives and was published in 2013. It is provided for historical reference. The content may be out of date and links may no longer function.

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FASB released its proposed 2014 U.S. GAAP Financial Reporting Taxonomy on Friday.

The taxonomy consists of a list of computer-readable financial reporting labels coded in XBRL. The proposal contains updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the SEC.

Comments on the proposal are due Oct. 31 on FASB’s website, where the proposal is published. FASB plans to complete and publish the 2014 U.S. GAAP taxonomy early next year.

Although FASB’s parent organization, the Financial Accounting Foundation, maintains the taxonomy, questions about using the taxonomy to create and submit XBRL-tagged files in compliance with SEC rules should be directed to the SEC.

FASB will hold a webcast Sept. 10 from 1 to 2:30 p.m. Eastern to provide more information about the proposed 2014 taxonomy.

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