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 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.