FASB releases proposed 2014 U.S. GAAP taxonomy

BY KEN TYSIAC

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.

SPONSORED WHITE PAPER

Preparing the statement of cash flows

This instructive white paper outlines common pitfalls in the preparation of the statement of cash flows, resources to minimize these risks, and four critical skills your staff will need as you approach necessary changes to the process.

RESOURCES

Keeping you informed and prepared amid the COVID-19 crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.