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FASB issues 2016 Financial Reporting Taxonomy for public comment

  • FASB (US Financial Accounting Standards Board) Image

Sep 01, 2015

The FASB has released for public comment its proposed 2016 GAAP Financial Reporting Taxonomy, which “contains updates for accounting standards and other recommended improvements to the official Taxonomy.” The taxonomy consists of XBRL-coded labels with tags that allow financial statement users to “electronically search for, assemble, and process data so that the data can be readily accessed and analyzed by investors, analysts, journalists, and regulators.”

Comments on the proposed taxonomy are due by October 31, 2015. The final version is expected to be published in early 2016.

For more information, see the press release and proposed taxonomy on the FASB’s Web site. The FASB is also holding a webcast on September 22, 2015, to discuss the proposed taxonomy, ASU taxonomy changes, taxonomy implementation guides, and taxonomy simplification.

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Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.