FASB PROPOSES CHANGES TO GAAP FINANCIAL REPORTING TAXONOMY

FASB

By Evan Condran. On September 1, 2015, The Financial Accounting Standards Board (FASB) released the proposed 2016 GAAP Financial Reporting Taxonomy for public review and comment. The proposed changes aim to simplify the Taxonomy by removing elements with low and inappropriate use and reducing redundancies and inconsistencies.

The GAAP Financial Reporting Taxonomy xbrlustextbrandprovides accounting standards and guidelines for the hierarchical dictionaries and defines the specific XBRL tags that are used for individual items of data in public company SEC filings.

The deadline to submit written comments is October 31, 2015. The 60-day comment period is intended to allow users of the Taxonomy to provide feedback on these updates. The proposed 2016 GAAP Taxonomy and instructions on how to submit comments are available at the FASB’s XBRL page. The 2016 GAAP Financial Reporting Taxonomy is expected to be accepted as final by the SEC in early 2016.

You can learn more about the proposed 2016 GAAP Financial Reporting Taxonomy in a free of charge webinar, hosted by FASB, called IN FOCUS: Proposed 2016 GAAP Financial Reporting Taxonomy Changes, Simplification, Filer Counts, and Context Sensitive Guidance that will take place on September 22, 2015. Participants in the live broadcast will be eligible for up to 1.5 hours of CPE credit. You can register for this webinar here.

The XBRL portal of the SEC’s website provides links to sources of information about XBRL technology, as well as information on creating and submitting XBRL-tagged interactive data files in compliance with Commission rules.

If you would like to learn more about XBRL, be sure to download Certent’s XBRL 101 recorded webinar to get up to speed on XBRL terminology and application.

Evan Condran VP Compliance Services Banner