FASB on Thursday announced the availability of the 2015 GAAP Financial Reporting Taxonomy, pending final acceptance by the SEC.
The taxonomy, which is available at FASB’s website, contains updates for accounting standards and other improvements to the 2014 taxonomy. FASB is responsible for developing and maintaining the taxonomy that is used by public issuers registered with the SEC.
The taxonomy is a list of computer-readable tags in XBRL that allows companies to tag thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures. The tags allow investors, analysts, regulators, and journalists to perform electronic searches and processing of data.
—Jack Hagel ( jhagel@aicpa.org ) is a JofA editorial director.
