By Marisa Ruffles. On March 9, 2015 the SEC officially adopted and supported the FASB’s proposed 2015 GAAP Financial Reporting Taxonomy. The GAAP Financial Reporting taxonomy provides 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 FASB, Financial Accounting Standards Board, submitted the 2015 GAAP Financial Reporting taxonomy in the fall of 2014 in order to give taxonomy users the opportunity to provide any feedback and/or comments on the proposed changes. This early submission also provides filers the chance to get familiar with the new XBRL element names for their upcoming 2015 filings.
XBRL, or eXtensible Business Reporting Language, standardizes the way companies communicate and present business information by applying computer readable tags to information across public financial documents. The use of XBRL for financial reporting allows companies to organize, analyze and share important data easier. Public companies, accountants, government agencies and analysts & investors are among some of the groups that benefit from the efficiencies of XBRL.
The FASB website provides companies with a comprehensive guide and supporting documents regarding the updated 2015 Taxonomy, as well as information from years prior for comparative details. Here you will find release notes, an Excel spreadsheet documenting the changes from 2014 to 2015, a taxonomy technical guide and more.
For additional questions about using the 2015 GAAP Financial Reporting Taxonomy and submitting XBRL tagged data files, please visit the SEC’s webpage on XBRL. You can also watch our XBRL 101 on-demand webinar to gain an understanding of the basics of the SEC requirements, technical terms related to XBRL, the XBRL creation process, and an overview of the US GAAP Taxonomy.