5 Reasons Why You Should Comment on the Proposed Taxonomy

FASB

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 2016 Taxonomy contains updates for accounting standards and other recommended improvements to the official Taxonomy, which is used by public issuers registered with the SEC. As the deadline for submitting comments is approaching, we wanted to encourage you to gather your comments and explore why it is important to take advantage of the opportunity and discuss how this may affect your financial reporting experience.