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FASB releases 2016 U.S. GAAP Financial Reporting Taxonomy

  • FASB (US Financial Accounting Standards Board) Image

Dec 17, 2015

The FASB has released the 2016 U.S. GAAP Financial Reporting Taxonomy.

The tax­on­omy “is a list of computer-readable tags in eXtensible Business Reporting Language (XBRL) format that allows companies to tag precisely the thousands of pieces of financial data that are included in typical long-form financial statements and related footnote disclosures.” The 2016 version of the tax­on­omy “con­tains updates for ac­count­ing stan­dards and other im­prove­ments to the official Taxonomy previously in use by SEC issuers.”

The SEC needs to approve the taxonomy before it becomes official; the Commission is expected to do so in early 2016.

For more in­for­ma­tion, see the press release and tax­on­omy page on the FASB’s Web site.

Correction list for hyphenation

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