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FASB releases proposed 2016 GAAP taxonomy

By Ken Tysiac

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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.