U.S. GAAP taxonomy for 2015 available

By Jack Hagel

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.

SPONSORED REPORT

Building client loyalty with payroll services

In this report, CPA experts detail their tactics for performing successful payroll services, how to mitigate risk in the process, and the impact payroll can have as a value-added service.

PODCAST

Using drones to enhance audits

Hermann Sidhu, CPA, global assurance digital leader at EY, walks us through EY’s exciting new project to use drones to help audit large warehouses and outdoor inventories.