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.

Where to find May’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

Implementing lease accounting

FASB’s Codification (ASC) 842, Leases, requires companies to make significant changes in the way they report operating leases. But one of the initial challenges might be simpler than you think … find out more with this report.