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

2019 State of Financial Reporting Survey

We surveyed nearly 600 finance and accounting professionals on their month-end close and reporting processes. See the results.

VIDEO

What RPA is and how it works

Robotic process automation is like an Excel macro that can work on multiple applications, says Danielle Supkis Cheek, CPA. RPA can complete routine, repetitive tasks such as data entry, freeing up employee time from lower-level chores.