FASB’s proposed 2015 GAAP taxonomy available for comment

BY KEN TYSIAC

FASB released its proposed 2015 GAAP Financial Reporting Taxonomy on Friday and asked for public review and comment.

The taxonomy is a list of financial reporting labels that are machine-readable and coded in XBRL. Users of financial statements can use the tags to electronically search for and process data so they can be easily accessed and analyzed.

Updates for accounting standards and other recommended improvements are included in the proposed taxonomy, which is expected to be finalized by the SEC in early 2015. The proposal and instructions for submitting comments are available on FASB’s XBRL webpage. Comments are due Oct. 31.

Questions about using the taxonomy to create and submit XBRL-tagged files in compliance with SEC rules can be directed to the SEC at its XBRL portal.

Ken Tysiac ( ktysiac@aicpa.org ) is a JofA editorial director.

SPONSORED REPORT

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.