U.S. GAAP taxonomy for 2014 available

BY KEN TYSIAC

The 2014 U.S. GAAP Financial Reporting Taxonomy is available, pending final acceptance by the SEC, FASB announced Wednesday.

The taxonomy, available at FASB’s website, contains updates for accounting standards and other improvements to the 2013 taxonomy. FASB is responsible for developing and maintaining the taxonomy that is used by public issuers registered with the SEC.

Companies can use the taxonomy—which is a list of computer-readable tags in XBRL—to precisely tag data in financial statements and footnote disclosures. The tags allow investors, analysts, regulators, and journalists to perform electronic searches and processing of data.

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

FEATURE

Tackling TCJA changes this tax season

Return preparers must be ready for how the Tax Cuts and Jobs Act has modified many common features of individual and business returns.

PODCAST

Why CPAs can’t wait on automation tools

What do accounting firms waiting on others to develop AI, automation, and data analytics tools have in common with a baseball fan sitting in a stadium filling with water at an exponential rate? The answer could determine your firm’s fate.