FASB releases proposed 2016 GAAP taxonomy

By Ken Tysiac

FASB on Tuesday released its proposed 2016 GAAP Financial Reporting Taxonomy for public comment.

The proposed taxonomy contains updates for accounting standards and other recommended improvements to the official taxonomy, which is used by public issuers registered with the SEC.

FASB is seeking comments by Oct. 31, and the taxonomy is expected to be accepted as final in early 2016.

Ken Tysiac (ktysiac@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.