GAAP taxonomy adopted by SEC

By Ken Tysiac

The SEC has adopted the 2015 GAAP financial reporting taxonomy and will support the taxonomy effective immediately, FASB announced Monday.

The 2015 taxonomy contains updates for accounting standards and other changes to the taxonomy the SEC issuers previously were using. The taxonomy is a list of computer-readable tags in extensible business reporting language (XBRL) format that allow companies to tag data included in financial statements and footnote disclosures.

Financial statement users can use the tagging conventions to search for, assemble, and process data.

Since 2010, the Financial Accounting Foundation (FAF), FASB’s parent organization, has maintained the taxonomy. FAF and FASB have a team of technical staff assigned to update the taxonomy.

Ken Tysiac is a JofA editorial director.

RESOURCES

Keeping you informed and prepared amid the coronavirus crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.

SPONSORED REPORT

Getting leases in line

ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.